https://www.taxtmi.com/caselaws?id=290782 The Appellate Tribunal affirmed the decision of the CIT (A) and dismissed the department's appeal regarding the disallowance of claimed losses due to absence of business activity for Assessment Year 2007-08. The Tribunal held that the assessee's actions, including employing staff, acquiring office premises, and setting up infrastructure, indicated the commencement of business activities, justifying the allowance of the claimed losses. The Tribunal found no fault in the CIT (A)'s decision and concluded that the assessee was entitled to the benefit of carry forward of business loss and depreciation as per the Income-tax Act requirements. en-us Fri, 27 Jan 2012 00:00:00 +0530 Thu, 15 Oct 2020 14:12:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290782 The Appellate Tribunal affirmed the decision of the CIT (A) and dismissed the department's appeal regarding the disallowance of claimed losses due to absence of business activity for Assessment Year 2007-08. The Tribunal held that the assessee's actions, including employing staff, acquiring office premises, and setting up infrastructure, indicated the commencement of business activities, justifying the allowance of the claimed losses. The Tribunal found no fault in the CIT (A)'s decision and concluded that the assessee was entitled to the benefit of carry forward of business loss and depreciation as per the Income-tax Act requirements. Case-Laws Income Tax Fri, 27 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290782