https://www.taxtmi.com/caselaws?id=338640 The High Court dismissed the appeal challenging the Income Tax Appellate Tribunal's order for Assessment Year 2007-08. It upheld the Tribunal's decision to allow deduction of expenses claimed by the assessee in its Profit and Loss Account, considering that the business was set up during the relevant year. The Court distinguished between setting up and commencement of business, emphasizing the deductibility of expenses incurred between these stages. The decision relied on factual findings and established legal principles, highlighting the importance of providing evidence to support claims of business activities and expenses. en-us Mon, 30 Jan 2017 00:00:00 +0530 Sat, 25 Mar 2017 13:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338640 The High Court dismissed the appeal challenging the Income Tax Appellate Tribunal's order for Assessment Year 2007-08. It upheld the Tribunal's decision to allow deduction of expenses claimed by the assessee in its Profit and Loss Account, considering that the business was set up during the relevant year. The Court distinguished between setting up and commencement of business, emphasizing the deductibility of expenses incurred between these stages. The decision relied on factual findings and established legal principles, highlighting the importance of providing evidence to support claims of business activities and expenses. Case-Laws Income Tax Mon, 30 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338640