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2012 (11) TMI 702 - AT - Income TaxInterest income as income from other sources - disallowance of various expenses and depreciation - commencement of business – held that:- Activity of the company during the year was only of a pre-operative nature and commencement of business could be said to have started only when it started exploitation of the project. The object of the company was to set up growth centres and thereafter to exploit them. It was the second limb of activity which provided for regular business activity. Thereafter, building repairs, rewiring, installation of lift, etc., were carried on by the assessee company for the purpose of converting the residential accommodation to business and storage accommodation - order of the CIT(A)is confirmed and dismiss the appeals of the assessee - issue involved in these two appeals is squarely covered in favour of Revenue and against the assessee by the Tribunal decision in assessee’s own case for A.Ys 1998-99 to 2001-02 and no reason to take a contrary view in the present two years and hence, by respectfully following the precedent, issue is decided against the assessee in the present two years also - In the result, both the appeals of assessee are dismissed.
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