2023 (10) TMI 1200

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..... For the Respondent Through: None. RAJIV SHAKDHER, J.: (ORAL) CM Appl.5397/2020 [Application moved on behalf of the appellant/revenue seeking condonation of delay of 54 days in re-filing the appeal] 1. This appeal concerns Assessment Year (AY) 2012-13. 2. The appellant/revenue, via the instant appeal, seeks to assail the order dated 10.06.2019 passed by the Income Tax Appellate Tri....

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....he date when the business was commenced. The expenses incurred between these two dates have rightly been categorized as revenue expenditure. Therefore, the Tribunal proceeded to sustain the view taken by the CIT(A), insofar as the first issue is concerned. 5. In this regard, we may note something which Mr Sanjeev Menon, learned standing counsel, who appears on behalf of the appellant/revenue, h....

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.... is not in dispute, that the said income was set off by the respondent/assessee against the losses incurred under the head 'Profits and Gains from Business and Profession', by taking recourse to Section 71 of the Income Tax Act, 1961 [in short, "Act"]. 8. The respondent/assessee's submission before the AO, as well as the CIT(A) and the Tribunal, was that the interest was earned on fixed deposit....