Business Expenses Deductible Only After Setup Date; Pre-establishment Costs Not Deductible, Court Rules.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Disallowance of businesses expenditure - previous year begins from the date of setting up of the business. Therefore, it is only after the business is set up that the previous year of that business commences and in that previous year the expenses incurred in the business can be claimed as permissible deductions. - HC....