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of <h1>Delhi ITAT Rules on Aircraft Ownership, Depreciation, and Revenue Expenditures; Remands Deferred Expenditure for Review.</h1> The Income Tax Appellate Tribunal (ITAT) in Delhi addressed several issues concerning an Assessee involved in providing aircraft on a charter basis. The tribunal ruled in favor of the Assessee regarding depreciation on a newly purchased aircraft, recognizing its ownership and operational readiness before obtaining an airworthiness certificate. The matter of deferred revenue expenditure for helicopter engine improvements was remanded for further examination. Repair and maintenance costs for specific aircraft components were deemed deductible as revenue expenditures. However, the ITAT upheld the disallowance of interest on Tax Deducted at Source (TDS) as a non-deductible expenditure.
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