https://www.taxtmi.com/caselaws?id=405503 The ITAT Chennai set aside the disallowance of expenses by the Assessing Officer and the Commissioner of Income Tax (Appeals) for the assessment year 2015-16. The tribunal emphasized the importance of establishing the nexus between expenditure and business operations, directing the AO to reevaluate the necessity of the expenses for maintaining the corporate status, despite the lack of revenue from operations. The appeal was allowed for statistical purposes, highlighting the burden on the assessee to prove the genuineness and relevance of the expenses to business continuity. en-us Fri, 19 Mar 2021 00:00:00 +0530 Mon, 22 Mar 2021 09:17:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405503 The ITAT Chennai set aside the disallowance of expenses by the Assessing Officer and the Commissioner of Income Tax (Appeals) for the assessment year 2015-16. The tribunal emphasized the importance of establishing the nexus between expenditure and business operations, directing the AO to reevaluate the necessity of the expenses for maintaining the corporate status, despite the lack of revenue from operations. The appeal was allowed for statistical purposes, highlighting the burden on the assessee to prove the genuineness and relevance of the expenses to business continuity. Case-Laws Income Tax Fri, 19 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405503