https://www.taxtmi.com/caselaws?id=72047 The tribunal concluded that the assessee is entitled to set off and carry forward business losses as the voting power of the subsidiary company was beneficially held by the assessee. The claim of lease rentals and improvements as revenue expenditure was dismissed due to not being raised before the CIT(A). The deduction under section 35AB was allowed as the liability to pay the consideration arose earlier and met the definition of "paid" in the IT Act. The appeal by the Revenue was dismissed, and the appeal by the assessee was partly allowed. en-us Fri, 13 Jun 2008 00:00:00 +0530 Tue, 20 Dec 2016 11:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=72047 The tribunal concluded that the assessee is entitled to set off and carry forward business losses as the voting power of the subsidiary company was beneficially held by the assessee. The claim of lease rentals and improvements as revenue expenditure was dismissed due to not being raised before the CIT(A). The deduction under section 35AB was allowed as the liability to pay the consideration arose earlier and met the definition of "paid" in the IT Act. The appeal by the Revenue was dismissed, and the appeal by the assessee was partly allowed. Case-Laws Income Tax Fri, 13 Jun 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=72047