Question ID : 1126

Allowability of losses incurred in a project , if project of a company is not commissioned

We had a project our compnay & the same was to be implemented over a 18 month period. However, after vg about 50 cs, we could not raise the bance amt.
Hence project was shelved & the company faced liquidity crisis. Now ITO is scrutisg the urns & disallowg expenditure sayg that the same should be Capitalised & cannot be treated a .
Please advise & High Court & Supreme court cases
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