https://www.taxtmi.com/caselaws?id=326621 The ITAT upheld the CIT(A)'s decision that the business had not commenced during the relevant period in the assessment year 2008-09, rejecting the Assessing Officer's contention based on advance money received. The CIT(A) found evidence supporting that business operations began in January 2009, not during the assessment year. Additionally, the deletion of the addition of &8377;13,49,875/- made by the AO on account of foreign exchange loss was not separately adjudicated due to the business not commencing in that year. The ITAT dismissed the appeal, affirming the CIT(A)'s decision. en-us Mon, 07 Mar 2016 00:00:00 +0530 Wed, 20 Apr 2016 17:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326621 The ITAT upheld the CIT(A)'s decision that the business had not commenced during the relevant period in the assessment year 2008-09, rejecting the Assessing Officer's contention based on advance money received. The CIT(A) found evidence supporting that business operations began in January 2009, not during the assessment year. Additionally, the deletion of the addition of &8377;13,49,875/- made by the AO on account of foreign exchange loss was not separately adjudicated due to the business not commencing in that year. The ITAT dismissed the appeal, affirming the CIT(A)'s decision. Case-Laws Income Tax Mon, 07 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326621