https://www.taxtmi.com/caselaws?id=439158 The Tribunal ruled in favor of the assessee, determining that the business had commenced during the relevant previous year despite the absence of immediate investment in plant and machinery. The disallowances and enhancements made by the AO and CIT(A) were set aside, with the Tribunal emphasizing that the expenses were essential to the business activities. Additionally, the treatment of interest income and foreign exchange gain was adjusted to allow for necessary expenses, resulting in the appeal of the assessee being fully allowed. en-us Wed, 14 Jun 2023 00:00:00 +0530 Sat, 17 Jun 2023 10:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439158 The Tribunal ruled in favor of the assessee, determining that the business had commenced during the relevant previous year despite the absence of immediate investment in plant and machinery. The disallowances and enhancements made by the AO and CIT(A) were set aside, with the Tribunal emphasizing that the expenses were essential to the business activities. Additionally, the treatment of interest income and foreign exchange gain was adjusted to allow for necessary expenses, resulting in the appeal of the assessee being fully allowed. Case-Laws Income Tax Wed, 14 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439158