Relief for MRF: ITAT Upholds CIT(A) Order Allowing Depreciation and Expenses on Retention Money, Dismisses Revenue’s Appeal

The ITAT has upheld a CIT(A) order, allowing "depreciation and expenses on retention money" and dismissing the revenue's appeal. The tribunal's decision provides a significant victory for the company. The ruling clarifies that an expenditure incurred for commercial expediency is a deductible expense. The court's decision is a crucial reminder to all that they must be diligent in their dealings.