https://www.taxtmi.com/caselaws?id=10021 The High Court of Madras upheld the decision of the Income-tax Appellate Tribunal regarding the allowability of expenses claimed by the assessee during the development stage of projects and prior to the actual commencement of business. The court ruled in favor of the assessee, stating that the expenses were of revenue nature, necessary for project development, and that the assessee had taken significant steps towards commencing business activities. The court found no legal infirmity in the Tribunal's decision and dismissed the appeals filed by the Revenue, affirming the allowance of the expenses. en-us Mon, 13 Feb 2006 00:00:00 +0530 Sun, 05 Jul 2009 17:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10021 The High Court of Madras upheld the decision of the Income-tax Appellate Tribunal regarding the allowability of expenses claimed by the assessee during the development stage of projects and prior to the actual commencement of business. The court ruled in favor of the assessee, stating that the expenses were of revenue nature, necessary for project development, and that the assessee had taken significant steps towards commencing business activities. The court found no legal infirmity in the Tribunal's decision and dismissed the appeals filed by the Revenue, affirming the allowance of the expenses. Case-Laws Income Tax Mon, 13 Feb 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10021