https://www.taxtmi.com/caselaws?id=213054 The Tribunal allowed the expenses on non-prospecting activities as revenue expenditure under section 37(1) since the assessee had commenced business activities. The interest income on short-term deposits was deemed eligible for set-off against business losses, making its classification academic. The Tribunal's consistent judgment across different assessment years favored the assessee, directing the AO to allow expenses and set off income accordingly. The reopening of assessments under section 147 was considered academic due to the resolution of primary issues in favor of the assessee. en-us Fri, 16 Dec 2011 00:00:00 +0530 Wed, 20 Apr 2016 10:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213054 The Tribunal allowed the expenses on non-prospecting activities as revenue expenditure under section 37(1) since the assessee had commenced business activities. The interest income on short-term deposits was deemed eligible for set-off against business losses, making its classification academic. The Tribunal's consistent judgment across different assessment years favored the assessee, directing the AO to allow expenses and set off income accordingly. The reopening of assessments under section 147 was considered academic due to the resolution of primary issues in favor of the assessee. Case-Laws Income Tax Fri, 16 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213054