https://www.taxtmi.com/caselaws?id=348465 The appellate tribunal dismissed the revenue's appeal regarding the disallowance of business expenses for a company that had not commenced business activities. The tribunal upheld the assessee's contention that expenses incurred after setting up the business but before commencement are allowable. Additionally, the tribunal allowed the assessee's cross objection regarding the non-allowance of brought forward losses and unabsorbed depreciation, directing the Assessing Officer to revise the assessment order accordingly. The decision emphasized the importance of distinguishing between setting up and commencing business activities and ensuring compliance with tax laws regarding the allowance of expenses and carried forward losses. en-us Fri, 15 Sep 2017 00:00:00 +0530 Fri, 22 Sep 2017 06:49:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=348465 The appellate tribunal dismissed the revenue's appeal regarding the disallowance of business expenses for a company that had not commenced business activities. The tribunal upheld the assessee's contention that expenses incurred after setting up the business but before commencement are allowable. Additionally, the tribunal allowed the assessee's cross objection regarding the non-allowance of brought forward losses and unabsorbed depreciation, directing the Assessing Officer to revise the assessment order accordingly. The decision emphasized the importance of distinguishing between setting up and commencing business activities and ensuring compliance with tax laws regarding the allowance of expenses and carried forward losses. Case-Laws Income Tax Fri, 15 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=348465