https://www.taxtmi.com/caselaws?id=409265 The appeals challenging the disallowance of loss claimed by the assessee for not setting up its business were dismissed by the court. The court noted the distinction between "setting up of business" and "commencement of production" in mineral exploration and found merit in the argument that the business was set up. However, the court questioned the applicability of a specific provision and proposed remitting the matter for reevaluation. Ultimately, due to the expiration of the period for carrying forward losses, the court dismissed the appeals for statistical purposes, leaving the issue open for future consideration if necessary. en-us Fri, 02 Jul 2021 00:00:00 +0530 Sat, 03 Jul 2021 08:56:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409265 The appeals challenging the disallowance of loss claimed by the assessee for not setting up its business were dismissed by the court. The court noted the distinction between "setting up of business" and "commencement of production" in mineral exploration and found merit in the argument that the business was set up. However, the court questioned the applicability of a specific provision and proposed remitting the matter for reevaluation. Ultimately, due to the expiration of the period for carrying forward losses, the court dismissed the appeals for statistical purposes, leaving the issue open for future consideration if necessary. Case-Laws Income Tax Fri, 02 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409265