https://www.taxtmi.com/caselaws?id=291533 The ITAT overturned the disallowance of expenses and depreciation claim for a business with no activity during the year, emphasizing that lack of activity does not imply business closure. Additionally, the ITAT disallowed the addition of unexplained credit, as the amount was properly explained and supported by evidence. The appeal was granted in favor of the assessee on all issues. en-us Mon, 28 Dec 2015 00:00:00 +0530 Sun, 15 Nov 2020 10:51:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291533 The ITAT overturned the disallowance of expenses and depreciation claim for a business with no activity during the year, emphasizing that lack of activity does not imply business closure. Additionally, the ITAT disallowed the addition of unexplained credit, as the amount was properly explained and supported by evidence. The appeal was granted in favor of the assessee on all issues. Case-Laws Income Tax Mon, 28 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291533