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2012 (5) TMI 649 - AT - Income TaxAllowable business expenditure - Whether the assessee has set up and commenced its real estate business during the relevant previous year? - Whether the assessee can claim business expenditure against interest income credited to P & L A/c? Held that:- As the assessee has already acquired land entered into development agreement and has started development and construction work for the real estate project, it has set up and commenced its business and therefore entitled to claim expenses as incurred which was debited to Profit & Loss A/c against interest income. In view of the above, we allow the grounds raised by the assessee for the years under consideration.
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