2024 (1) TMI 352

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....of the case, the Ed. CIT(A) has erred in allowing other expenses for Rs. 136,48,632/ claimed by the assessee and thus is unjust, arbitrary, and against the facts as the business of assessee has not commenced in the year under consideration, therefore, no expenses as claimed, is allowable to the assessee as per the Income Tax Act. 2. That on facts and in the circumstances of the case, the Ld. CIT(A) has erred in allowing depreciation for Rs. 3,28,61,126/- claimed by the assessee and thus is unjust, arbitrary, and against the facts as the business of assessee has not commenced in the year under consideration, therefore, no depreciation as claimed by the assessee, is allowable to the assessee as per the Income Tax Act. 3. Tha....

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..... 1,36,48,632/- claimed by the assessee for the relevant AY on the ground that business of the assessee was not set up during FY 2009-10 and that the assets were not used by the assessee for the purpose of its business during AY 2010-11. Since the business of the assessee is held not to have been set up the expenses incurred shall also not be allowable and hence even the business loss shall be disallowed. 4. On appeal filed by the assessee, the Ld. CIT(A) deleted the aforementioned disallowances made by the Ld. AO. 5. Aggrieved, the Revenue is in appeal before the Tribunal and all the grounds relate thereto. 6. At the outset of the hearing, the Ld. AR submitted that the assessee company has been admitted to Corporate Insolvency Res....

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....) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgement, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing off by the corporate debtor any of its assets or any legal right or beneficial interest therein, (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (d) the recovery of any property by an owner or lessor where such pro....