https://www.taxtmi.com/caselaws?id=253720 The High Court upheld the decision of the Income Tax Appellate Tribunal for Assessment Year 2008-09, ruling in favor of the respondent-assessee. The disallowance of business expenditure amounting to &8377;1,69,72,374 was overturned as the business had been deemed set up, with necessary approvals obtained. The court rejected the Assessing Officer's argument that business commencement required actual production, emphasizing that oil exploration activities sufficed. Additionally, expenses claimed as revenue deductions were justified, and disallowances under Section 35D of the Act were dismissed. The appeal was dismissed, and costs were directed to be paid to the Prime Minister's Relief Fund. en-us Mon, 24 Nov 2014 00:00:00 +0530 Tue, 02 Dec 2014 08:40:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253720 The High Court upheld the decision of the Income Tax Appellate Tribunal for Assessment Year 2008-09, ruling in favor of the respondent-assessee. The disallowance of business expenditure amounting to &8377;1,69,72,374 was overturned as the business had been deemed set up, with necessary approvals obtained. The court rejected the Assessing Officer's argument that business commencement required actual production, emphasizing that oil exploration activities sufficed. Additionally, expenses claimed as revenue deductions were justified, and disallowances under Section 35D of the Act were dismissed. The appeal was dismissed, and costs were directed to be paid to the Prime Minister's Relief Fund. Case-Laws Income Tax Mon, 24 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253720