https://www.taxtmi.com/caselaws?id=383399 The Revenue filed an appeal against the ITAT order for A.Y. 2012-13, challenging disallowances under sections 37(1) and 32 of the Income Tax Act. The Tribunal upheld the CIT(A)'s decision in favor of the assessee, allowing depreciation claims on assets used for business purposes. Relying on precedent, the Tribunal clarified that the commencement of business activities does not necessitate immediate income generation, emphasizing the essential initiation of core business activities. Consequently, the appeal by the Revenue was dismissed, affirming the establishment of the assessee's business during the relevant assessment year. en-us Mon, 15 Jul 2019 00:00:00 +0530 Mon, 22 Jul 2019 14:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383399 The Revenue filed an appeal against the ITAT order for A.Y. 2012-13, challenging disallowances under sections 37(1) and 32 of the Income Tax Act. The Tribunal upheld the CIT(A)'s decision in favor of the assessee, allowing depreciation claims on assets used for business purposes. Relying on precedent, the Tribunal clarified that the commencement of business activities does not necessitate immediate income generation, emphasizing the essential initiation of core business activities. Consequently, the appeal by the Revenue was dismissed, affirming the establishment of the assessee's business during the relevant assessment year. Case-Laws Income Tax Mon, 15 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383399