Deferred Revenue expenditure incurred on account of leased Aircraft Engine Improvement: ITAT directs re adjudication [Read Order]

The Delhi bench of Income Tax Appellate Tribunal ( ITAT ) directed readjudication with respect to deferred revenue expenditure incurred on account of leased aircraft engine improvement. The Assessee, India Flysafe Aviation Ltd is engaged in the business of providing aircrafts on charter basis to the VVIPs, State governments, corporate houses, travel agents, etc. During the assessment…