https://www.taxtmi.com/caselaws?id=382735 The assessee was not entitled to exemption under section 10(20A) of the Income-tax Act as it did not fulfill the condition of being constituted by or under a Central, State, or Provincial Act. The business was considered set up in FY 2002-03, and various expenses including deduction under section 35D, consultancy expenses, and depreciation were disallowed due to the business not being set up during the relevant assessment years. The Tribunal upheld the orders passed under section 263 for certain assessment years, emphasizing the importance of proper inquiry and adherence to legal provisions in income assessment. en-us Fri, 28 Jun 2019 00:00:00 +0530 Wed, 10 Jul 2019 18:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382735 The assessee was not entitled to exemption under section 10(20A) of the Income-tax Act as it did not fulfill the condition of being constituted by or under a Central, State, or Provincial Act. The business was considered set up in FY 2002-03, and various expenses including deduction under section 35D, consultancy expenses, and depreciation were disallowed due to the business not being set up during the relevant assessment years. The Tribunal upheld the orders passed under section 263 for certain assessment years, emphasizing the importance of proper inquiry and adherence to legal provisions in income assessment. Case-Laws Income Tax Fri, 28 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382735