https://www.taxtmi.com/caselaws?id=276008 The ITAT ruled in favor of the assessee in an appeal against the CIT's order disallowing depreciation and expenses claimed for the assessment year. The ITAT found that the business was set up during the relevant year, as evidenced by the lease agreement for land development and income generation through sub-leasing. It was determined that the CIT's disallowance of certain expenses was unfounded, and the original order was upheld, allowing the assessee's appeal. en-us Wed, 11 Sep 2013 00:00:00 +0530 Thu, 25 Oct 2018 11:50:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276008 The ITAT ruled in favor of the assessee in an appeal against the CIT's order disallowing depreciation and expenses claimed for the assessment year. The ITAT found that the business was set up during the relevant year, as evidenced by the lease agreement for land development and income generation through sub-leasing. It was determined that the CIT's disallowance of certain expenses was unfounded, and the original order was upheld, allowing the assessee's appeal. Case-Laws Income Tax Wed, 11 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276008