https://www.taxtmi.com/caselaws?id=356831 The Court upheld the Tribunal's decision to disallow the Appellant-Assessee's claim for business expenditure for the Assessment Year 2005-06, stating that the company was in the setting up stage and only post-setup expenses could be claimed as business expenditure. The Court emphasized the lack of evidence supporting the claim that the business had been set up and rejected the contention that the business was ready to function for its intended purpose. The Appeal challenging the disallowance of the returned loss was dismissed, highlighting the importance of substantiating business setup claims with concrete evidence. en-us Mon, 05 Mar 2018 00:00:00 +0530 Tue, 13 Mar 2018 07:30:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356831 The Court upheld the Tribunal's decision to disallow the Appellant-Assessee's claim for business expenditure for the Assessment Year 2005-06, stating that the company was in the setting up stage and only post-setup expenses could be claimed as business expenditure. The Court emphasized the lack of evidence supporting the claim that the business had been set up and rejected the contention that the business was ready to function for its intended purpose. The Appeal challenging the disallowance of the returned loss was dismissed, highlighting the importance of substantiating business setup claims with concrete evidence. Case-Laws Income Tax Mon, 05 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356831