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2011 (6) TMI 69 - HC - Income TaxAllowance of business expenditure against Interest income - whether during the assessment year in question, assessee had commenced its business activities - The tribunal however, was of the opinion that the assessee company had undertaken activities in earlier year in accordance with its main objects contained in memorandum of Articles of Association of the company - assessee was appointed as Nodal Agency for two projects by the Government as well as Semi-Government organizations - In furtherance of such responsibilities, assessee had also undertaken certain tasks - Expenditure was borne by the parent agency - find that CIT(Appeals) as well as tribunal both have taken into account relevant evidence and come to the conclusion that the respondent assessee had in fact started its activities at-least during the year in question - Decided in favour of assessee.
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