https://www.taxtmi.com/caselaws?id=71349 The ITAT concluded that the assessee's business was set up on 16-12-1997, allowing deductions for revenue expenses incurred thereafter. The matter was remanded to the AO for re-examination of claims, including the nature of expenditure on leased premises and the assessment of income from bank deposits. Interest liability under sections 234A, 234B, and 234C was left for the AO to address. The Third Member agreed with the Accountant Member, allowing certain deductions while disallowing others as capital in nature, and remanded the remaining issues for further examination. en-us Tue, 08 Apr 2008 00:00:00 +0530 Thu, 19 Dec 2024 14:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71349 The ITAT concluded that the assessee's business was set up on 16-12-1997, allowing deductions for revenue expenses incurred thereafter. The matter was remanded to the AO for re-examination of claims, including the nature of expenditure on leased premises and the assessment of income from bank deposits. Interest liability under sections 234A, 234B, and 234C was left for the AO to address. The Third Member agreed with the Accountant Member, allowing certain deductions while disallowing others as capital in nature, and remanded the remaining issues for further examination. Case-Laws Income Tax Tue, 08 Apr 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71349