https://www.taxtmi.com/caselaws?id=250765 The Tribunal concluded that the business was set up on 25-4-2005, allowing expenses incurred thereafter as business expenses. The interest income was assessed as part of the business income. The penalty under section 271(1)(c) was deemed unjustified as the issue of business commencement was debatable, and the assessee had not concealed income particulars. The appeal was allowed, and the penalty was deleted. en-us Thu, 14 Aug 2014 00:00:00 +0530 Mon, 25 Aug 2014 08:47:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250765 The Tribunal concluded that the business was set up on 25-4-2005, allowing expenses incurred thereafter as business expenses. The interest income was assessed as part of the business income. The penalty under section 271(1)(c) was deemed unjustified as the issue of business commencement was debatable, and the assessee had not concealed income particulars. The appeal was allowed, and the penalty was deleted. Case-Laws Income Tax Thu, 14 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250765