https://www.taxtmi.com/caselaws?id=431814 The appellate tribunal upheld the decision of the CIT(A) and dismissed the assessee's appeal, confirming the denial of claimed deductions. The tribunal agreed that without existing business operations, the assessee could not claim various deductions, including depreciation, establishment expenses, general expenses, and interest on loans. The tribunal held that the mere intention to continue the business was insufficient to justify expense deductions without actual business operations. Consequently, the order denying the deductions and carry forward of losses was deemed justified, and the appeal was dismissed. en-us Thu, 08 Dec 2022 00:00:00 +0530 Thu, 22 Dec 2022 08:44:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431814 The appellate tribunal upheld the decision of the CIT(A) and dismissed the assessee's appeal, confirming the denial of claimed deductions. The tribunal agreed that without existing business operations, the assessee could not claim various deductions, including depreciation, establishment expenses, general expenses, and interest on loans. The tribunal held that the mere intention to continue the business was insufficient to justify expense deductions without actual business operations. Consequently, the order denying the deductions and carry forward of losses was deemed justified, and the appeal was dismissed. Case-Laws Income Tax Thu, 08 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431814