https://www.taxtmi.com/caselaws?id=398333 The tribunal upheld the decision of the Ld. CIT(A) in favor of the assessee on both issues. It allowed the deduction of expenditure debited to the profit and loss account, considering the business had commenced operations. Additionally, it accepted the genuineness of cash credits received as share application money, directing the deletion of the additions made by the revenue. The tribunal dismissed the revenue's appeal and allowed the assessee's cross-objection, affirming the Ld. CIT(A)'s decisions. en-us Wed, 20 May 2020 00:00:00 +0530 Sat, 12 Sep 2020 14:25:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398333 The tribunal upheld the decision of the Ld. CIT(A) in favor of the assessee on both issues. It allowed the deduction of expenditure debited to the profit and loss account, considering the business had commenced operations. Additionally, it accepted the genuineness of cash credits received as share application money, directing the deletion of the additions made by the revenue. The tribunal dismissed the revenue's appeal and allowed the assessee's cross-objection, affirming the Ld. CIT(A)'s decisions. Case-Laws Income Tax Wed, 20 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398333