Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2009 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2009 (8) TMI 28 - HC - Income TaxAllowance of expenditure – from the date of commencement of business - setting up of the business Versus commencement of business - While examining the return the Assessing Officer noted that the assessee had claimed expenditure on the footing that the business had been “set up” with effect from 1.11.1995. He took the view, disagreeing with the assessee, that the business can be said to have “set up” only on 1.2.1996 when the bank account was opened in the assessee’s name and therefore only the expenditure incurred thereafter can be allowed as a deduction – CIT(A) confirmed the order of AO but ITAT deleted the addition – Held that - The facts of the present case are however more in line with the decision of this Court in the case of Hughes Escorts Communications Ltd [2009 -TMI - 33670 - DELHI HIGH COURT] – Expenses allowed to be deducted.
|