https://www.taxtmi.com/article/detailed?id=10933 The tribunal observed that the assessing officer and first appellate authority failed to examine the nexus between the expenditures and the new business or decide whether the company had set up and was ready to commence business; it remitted the matter to the assessing officer to determine, on the evidence, whether interval-period expenditures were incurred in connection with the new business and, if so, to treat those expenditures as allowable revenue deductions to be set off against other income. en-us Tue, 03 Jan 2023 09:58:02 +0530 Tue, 03 Jan 2023 09:58:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=10933 The tribunal observed that the assessing officer and first appellate authority failed to examine the nexus between the expenditures and the new business or decide whether the company had set up and was ready to commence business; it remitted the matter to the assessing officer to determine, on the evidence, whether interval-period expenditures were incurred in connection with the new business and, if so, to treat those expenditures as allowable revenue deductions to be set off against other income. Articles Income Tax Tue, 03 Jan 2023 09:58:02 +0530 https://www.taxtmi.com/article/detailed?id=10933