Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (12) TMI 1566 - ITAT DELHIDisallowance of revenue expenses u/s 37(1) - there was no (Revenue from) business in-existence carried out during the relevant Assessment Year - Held that:- Hon’ble Delhi High Court also in case of Dhoomketu Builders and Development Pvt. Ltd. [2013 (4) TMI 668 - DELHI HIGH COURT] held that when an assessee whose business it is to develop real estates, is in a position to perform certain acts towards the acquisition of land, that would clearly show that it is ready to commence business and, as a corollary, that it has already been set up. The actual acquisition of land is the result of such efforts put in by the assessee; once the land is acquired the assessee may be said to have actually commenced its business which is that of development of real estate. The actual acquisition of the land may be a first step in the commencement of the business but section 3 of the Act does not speak of commencement of the business, it speaks only of setting up of the business. - decided against revenue.
|