https://www.taxtmi.com/caselaws?id=369910 The Tribunal held that the assessee demonstrated a clear intention to continue the business despite challenges, allowing for the deduction of business expenses and depreciation. The Tribunal directed the Assessing Officer to thoroughly examine the genuineness and allowability of expenses, emphasizing the treatment of employee costs and VRS expenses as legitimate business expenditures. Additionally, the Tribunal instructed the AO to consider the proper tax treatment of income and losses, ensuring compliance with relevant provisions of the Income Tax Act and judicial precedents. The case was remanded for detailed examination and adherence to legal requirements. en-us Fri, 28 Sep 2018 00:00:00 +0530 Mon, 05 Nov 2018 13:30:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369910 The Tribunal held that the assessee demonstrated a clear intention to continue the business despite challenges, allowing for the deduction of business expenses and depreciation. The Tribunal directed the Assessing Officer to thoroughly examine the genuineness and allowability of expenses, emphasizing the treatment of employee costs and VRS expenses as legitimate business expenditures. Additionally, the Tribunal instructed the AO to consider the proper tax treatment of income and losses, ensuring compliance with relevant provisions of the Income Tax Act and judicial precedents. The case was remanded for detailed examination and adherence to legal requirements. Case-Laws Income Tax Fri, 28 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369910