https://www.taxtmi.com/highlights?id=73949 Disallowance of expenditure owing to suspension of business operations - To our mind, not carrying on any business activities during a particular period cannot be equated with closure of business since it will lead to a narrow view of the scope of cessation of business. There is nothing on record to show that assessee has completely abandoned or closed the business forever by disposing of its assets and going into liquidation. - Appeal of the revenue dismissed - AT en-us Thu, 04 Jan 2024 09:10:32 +0530 Thu, 04 Jan 2024 09:10:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=73949 Disallowance of expenditure owing to suspension of business operations - To our mind, not carrying on any business activities during a particular period cannot be equated with closure of business since it will lead to a narrow view of the scope of cessation of business. There is nothing on record to show that assessee has completely abandoned or closed the business forever by disposing of its assets and going into liquidation. - Appeal of the revenue dismissed - AT Highlights Income Tax Thu, 04 Jan 2024 09:10:32 +0530 https://www.taxtmi.com/highlights?id=73949