https://www.taxtmi.com/caselaws?id=122987 The Tribunal upheld the lower authorities' decision to dismiss the appeal, denying the appellant's claim for business expenses deduction and interest income set off. The Tribunal found that the appellant had not established its air transportation business as it had not procured aircraft by the end of the previous year, crucial for operations. Activities like company incorporation and agreements for aircraft were deemed insufficient for business setup, leading to the rejection of the appellant's claims. en-us Fri, 28 Jan 2011 00:00:00 +0530 Fri, 31 May 2013 12:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=122987 The Tribunal upheld the lower authorities' decision to dismiss the appeal, denying the appellant's claim for business expenses deduction and interest income set off. The Tribunal found that the appellant had not established its air transportation business as it had not procured aircraft by the end of the previous year, crucial for operations. Activities like company incorporation and agreements for aircraft were deemed insufficient for business setup, leading to the rejection of the appellant's claims. Case-Laws Income Tax Fri, 28 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=122987