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2014 (3) TMI 222 - HC - Income TaxCommencement of business - Allowability of Interest u/s 35D of the Act – Held that:- ITAT was of the view that the assessee's business commenced from 1994-95 itself which was followed by a lull in the intervening periods - This does not mean cessation of the assessee's business - the assessee's business of consultancy was set up in the year as substantial revenue is earned in next 2 years - the claim of the assessee is allowed by holding that assessee's business was commenced. The findings of fact by the Tribunal that the assessee’s business of consultancy was set up in 1994-95 and that it earned substantial revenue for the next two years cannot be disputed – the finding was arrived at after considering the materials including the additional evidence adduced before it – the decision in Commissioner of Income Tax v. M/s. Hughes Escorts Communications Ltd. [2007 (9) TMI 261 - DELHI HIGH COURT] and CIT v. Whirlpool of India Ltd. [2009 (8) TMI 28 - DELHI HIGH COURT] followed - once the Tribunal was of the opinion that business had commenced on account of the substantial income earned by the assessee after two years of its setting up, the view taken by the Tribunal cannot be faulted – thus, no substantial question of law arises for consideration – Decided against Revenue.
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