https://www.taxtmi.com/caselaws?id=753965 ITAT Chennai held that business setup differs from commencement of business operations. The assessee correctly adopted October 1, 2009 as setup date, making post-setup revenue expenditure allowable despite commercial production beginning February 5, 2010. Depreciation was allowed based on assets put to use from setup date. Bonus disallowance under Section 36(1)(ii) was deleted as payments constituted employee compensation for services rendered. However, the tribunal upheld capital gains addition where assessee offered mutual fund sale profits as income from other sources instead of capital gains, rejecting weighted average cost method arguments. en-us Mon, 03 Jun 2024 00:00:00 +0530 Fri, 14 Jun 2024 07:38:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753965 ITAT Chennai held that business setup differs from commencement of business operations. The assessee correctly adopted October 1, 2009 as setup date, making post-setup revenue expenditure allowable despite commercial production beginning February 5, 2010. Depreciation was allowed based on assets put to use from setup date. Bonus disallowance under Section 36(1)(ii) was deleted as payments constituted employee compensation for services rendered. However, the tribunal upheld capital gains addition where assessee offered mutual fund sale profits as income from other sources instead of capital gains, rejecting weighted average cost method arguments. Case-Laws Income Tax Mon, 03 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753965