https://www.taxtmi.com/caselaws?id=60450 The Tribunal upheld the CIT(A)'s decision allowing the set off of brought forward losses under section 72A for a company engaged in business activities, rejecting the Department's argument based on the commencement of production. Additionally, the Tribunal ruled in favor of the assessee regarding the allowability of insurance premium payment and air fare expenses, holding that both expenses were legitimate and should be allowed. Consequently, the revenue's appeal was dismissed entirely, affirming the CIT(A)'s decisions on all issues. en-us Fri, 29 Feb 2008 00:00:00 +0530 Sat, 21 Jul 2012 17:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60450 The Tribunal upheld the CIT(A)'s decision allowing the set off of brought forward losses under section 72A for a company engaged in business activities, rejecting the Department's argument based on the commencement of production. Additionally, the Tribunal ruled in favor of the assessee regarding the allowability of insurance premium payment and air fare expenses, holding that both expenses were legitimate and should be allowed. Consequently, the revenue's appeal was dismissed entirely, affirming the CIT(A)'s decisions on all issues. Case-Laws Income Tax Fri, 29 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60450