https://www.taxtmi.com/caselaws?id=305469 The ITAT ruled in favor of the assessee, allowing the expenses on Biotechnology Research & Development. The ITAT found that the business had already commenced, expenses were revenue in nature, and aligned with Sec. 37(1) for allowable deductions. Referring to precedents, the ITAT emphasized the unity of control between existing and new ventures. The disallowance was deemed unsustainable, and the AO was directed to re-compute the assessee's income, ultimately allowing the appeal. en-us Wed, 14 Sep 2022 00:00:00 +0530 Mon, 05 Dec 2022 21:04:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305469 The ITAT ruled in favor of the assessee, allowing the expenses on Biotechnology Research & Development. The ITAT found that the business had already commenced, expenses were revenue in nature, and aligned with Sec. 37(1) for allowable deductions. Referring to precedents, the ITAT emphasized the unity of control between existing and new ventures. The disallowance was deemed unsustainable, and the AO was directed to re-compute the assessee's income, ultimately allowing the appeal. Case-Laws Income Tax Wed, 14 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305469