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2019 (1) TMI 1934 - AT - Income TaxAllowable business expenses - allowing the expenses as revenue expenses incurred prior to setting up of the business - HELD THAT:- In the case on hand, the assessee has already set up the basic infrastructure required, in the form of an office having employees with necessary skills. It also obtained a contract from NTPC. On these facts, we uphold the finding of the ld. CIT(A) that the assessee has setup its business. In the result, this issue is adjudicated in favour of the assessee. Intra head set off - Assessee earned interest income which has been assessed by the A.O. under the head income from other sources - A.O has mentioned that business loss of earlier years cannot be set off against the income from other sources of the current year - HELD THAT:- Perusal of the assessment order shows that the business losses are of current year which can be set off against income from other sources of the current year. After considering the relief given in the proceeding paras, A.O is directed to set off the remaining losses against income from other sources - Decided against revenue.
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