Expenses and Depreciation Allowable Once Initial Business Activity Begins u/ss 37(1) and 32 of Income Tax Act.

Expenses and Depreciation Allowable Once Initial Business Activity Begins u/ss 37(1) and 32 of Income Tax Act. https://www.taxtmi.com/highlights?id=48139 Disallowance of expenses u/s 37(1)and depreciation u/s 32 - commencement of business - it can be said that the business had been set up and that the only thing was that the assessee was not able to generate any income out of the same - the business would commence when the activity which is first in point of time and which must necessarily precede all other activities, is started - expenses/depreciation is allowable en-us Tue, 23 Jul 2019 07:08:27 +0530 Tue, 23 Jul 2019 07:08:27 +0530 TaxTMI RSS Generator Expenses and Depreciation Allowable Once Initial Business Activity Begins u/ss 37(1) and 32 of Income Tax Act. https://www.taxtmi.com/highlights?id=48139 Disallowance of expenses u/s 37(1)and depreciation u/s 32 - commencement of business - it can be said that the business had been set up and that the only thing was that the assessee was not able to generate any income out of the same - the business would commence when the activity which is first in point of time and which must necessarily precede all other activities, is started - expenses/depreciation is allowable Highlights Income Tax Tue, 23 Jul 2019 07:08:27 +0530 https://www.taxtmi.com/highlights?id=48139