https://www.taxtmi.com/caselaws?id=289163 The Tribunal allowed the appeal of the assessee, a private limited company engaged in finance, hotel, and real estate business, by directing the Assessing Officer to delete the disallowed deduction of Rs. 1,50,00,000 towards salary expenditure. The Tribunal concluded that since the company was solely involved in financial services during the relevant year and had not commenced hotel business activities, the income earned should be treated as business income. Therefore, all expenses incurred for earning such income, including salary expenditure, were allowed as deduction. en-us Mon, 27 Aug 2018 00:00:00 +0530 Fri, 17 Jul 2020 19:38:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289163 The Tribunal allowed the appeal of the assessee, a private limited company engaged in finance, hotel, and real estate business, by directing the Assessing Officer to delete the disallowed deduction of Rs. 1,50,00,000 towards salary expenditure. The Tribunal concluded that since the company was solely involved in financial services during the relevant year and had not commenced hotel business activities, the income earned should be treated as business income. Therefore, all expenses incurred for earning such income, including salary expenditure, were allowed as deduction. Case-Laws Income Tax Mon, 27 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289163