https://www.taxtmi.com/caselaws?id=419424 The Tribunal partially allowed the appeal, overturning the CIT(A)'s decision. It held that the assessee had indeed set up its business during the assessment year, allowing the claimed expenses and loss carry-forward. The Tribunal emphasized the distinction between setting up and commencing business, focusing on the readiness to start operations as the decisive factor. Additionally, the Tribunal rejected the additional ground raised by the assessee regarding the limited scrutiny issue, emphasizing the importance of factual certainty in legal proceedings. en-us Tue, 22 Feb 2022 00:00:00 +0530 Thu, 10 Mar 2022 14:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419424 The Tribunal partially allowed the appeal, overturning the CIT(A)'s decision. It held that the assessee had indeed set up its business during the assessment year, allowing the claimed expenses and loss carry-forward. The Tribunal emphasized the distinction between setting up and commencing business, focusing on the readiness to start operations as the decisive factor. Additionally, the Tribunal rejected the additional ground raised by the assessee regarding the limited scrutiny issue, emphasizing the importance of factual certainty in legal proceedings. Case-Laws Income Tax Tue, 22 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419424