2017 (10) TMI 690

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....s in appeal against the judgment of the Income Tax Appellate Tribunal dated 7.2.2017 raising the following question for our consideration : "Whether the Appellate Tribunal is justified in deleting the disallowance of business expenses of Rs. 3,26,75,383/made by the Assessing Officer, even though no business activity was carried out during the year?" 2. The controversy between the assessee and ....

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....ade mark, the assessee could not do any business but it is equally true that the business was not discontinued on account of voluntary act. The assessee had to incur mandatory expenditures to keep its corporate status alive. The assessee also had to keep its employees for which it had to incur the legitimate business expenditure. Similarly, the depreciation on the bloc of assets WDV brought forwar....