There may be an interval between a business which is set up and ...

Income Tax

July 27, 2016

There may be an interval between a business which is set up and a business which is commenced and all expenses incurred after the setting up of the business and before the commencement of the business would be permissible deductions/business loss. - AT

View Source

← Previous Next →

There may be an interval between a business which is set up and ...

Income Tax

July 27, 2016

You may also like:

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...

Expenditure towards bank charges - revenue or capital - when did business is set up? - That eventuality cannot arise unless the business has actually been set up....

Allowable business expenses - There is difference between commencement of the business and setting off of the business. All the expenses incurred pre-commencement are to...

Disallowance of expenditure - Most importantly, the Tribunal in assessee’s own case for AY 2012- 13 had held that it was not necessary that the business had actually...

Setting up of business during the year under consideration - Assessee having invested substantial amount in the purchase of another property in the year itself, thus,...

Denial of claim of loss or to categorize certain expenses as pre-operative expenses - commencement of business during the year - assessee’s business was ‘set up’ or not...

Set off of brought forward business loss - mistakes in previous years for not claiming benefit of set-off - 8 years time limit provided in the statute - The ITAT found...

Disallowance of expenditure claimed under the head "Business" - proof of commencement of business - the generation of actual business income was not an essential element...

Disallowance being pre-operative expenses on the reason that date on which VAT license was obtained was the date of commencement of business and not the date of...

There is a distinction between setting up of a business and commencement of a business - it is only after the business is set up, that the expenses incurred in the...

Deduction u/s 35AD and set off u/s 73A against the loss incurred by it in other unit - Loss of assessee on account of a specified business claiming deduction u/s 35AD...

Nature of Expenses - It is well settled law that results of the business activities or fruits of efforts to a business organisation may yield in the concerned year or in...

Set off of unabsorbed business loss - set off against Short Term Capital Gain U/s. 50 - income arising out of a sale of business asset though not taxable as profits and...

Set off of loss incurred on sale of polished diamond goods against deemed income assessed u/s. 69A - set off against the income declared during the course of search -...

Business expenditure u/s 37 -invocation of explanation to section 37 is uncalled for as the assessee has not made any expenses for purchase of diamonds rather entire...

Quick Updates: