https://www.taxtmi.com/caselaws?id=21004 The High Court of Calcutta ruled in favor of the Revenue, affirming the Tribunal's decision that expenses incurred for rent and foreign tours were not deductible as business expenses under the Income-tax Act, 1961 for the assessment years 1964-65 and 1965-66. The court held that the business was in an exploratory stage and not set up, therefore not entitled to claim the expenses. Additionally, the court disallowed expenses incurred during the preparatory stage before the actual commencement of business and denied the claim for depreciation and deduction of business expenditure for assessment years 1966-67 and 1969-70. en-us Wed, 15 May 1991 00:00:00 +0530 Wed, 18 Nov 2009 16:14:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21004 The High Court of Calcutta ruled in favor of the Revenue, affirming the Tribunal's decision that expenses incurred for rent and foreign tours were not deductible as business expenses under the Income-tax Act, 1961 for the assessment years 1964-65 and 1965-66. The court held that the business was in an exploratory stage and not set up, therefore not entitled to claim the expenses. Additionally, the court disallowed expenses incurred during the preparatory stage before the actual commencement of business and denied the claim for depreciation and deduction of business expenditure for assessment years 1966-67 and 1969-70. Case-Laws Income Tax Wed, 15 May 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21004