https://www.taxtmi.com/caselaws?id=761502 The ITAT Mumbai held that the assessee's business commenced in June 2008, as evidenced by provident fund deductions from that date, rather than from the later acquisition of an equity research unit through slump sale as determined by the Assessing Officer. Consequently, pre-commencement expenses incurred before June 2008 were eligible for deduction under Section 35D (1/5th over five years) rather than as business expenses under Section 37(1). The tribunal upheld the CIT(A)'s decision and dismissed the Revenue's appeal. en-us Fri, 30 Aug 2024 00:00:00 +0530 Mon, 11 Nov 2024 10:22:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761502 The ITAT Mumbai held that the assessee's business commenced in June 2008, as evidenced by provident fund deductions from that date, rather than from the later acquisition of an equity research unit through slump sale as determined by the Assessing Officer. Consequently, pre-commencement expenses incurred before June 2008 were eligible for deduction under Section 35D (1/5th over five years) rather than as business expenses under Section 37(1). The tribunal upheld the CIT(A)'s decision and dismissed the Revenue's appeal. Case-Laws Income Tax Fri, 30 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761502