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2018 (4) TMI 1565 - AT - Income TaxAcquisition of lands for purposes of real estate development - since there is no revenue earned during the relevant previous year as well as in the past, the expenditure claimed in the profit and loss account should not be allowed as a deduction - Held that:- In the case of the Assessee, the AO has accepted the fact that the Assessee has acquired properties for the purpose of development. Therefore the business of the Assessee ought to have been considered as having been set up. All revenue expenses have therefore to be allowed as deduction in computing income from business. Thus held that the acquisition of lands for purposes of real estate development would amount to setting up and commencement of business and the expenses claimed by the appellant are allowable. We find no grounds to interfere with the order of the CIT(A). The appeal for AY 13-14 is dismissed.
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