2017 (11) TMI 268 - SCH - Income Tax

Deduction of business expenditure - Absence of actual business activity - as contented by petitioner that a vital aspect is ignored by the Court below namely the petitioner herein had filed the return for the Assessment Year 2008-09 for which the assessment was also made which clearly proves that the business had commenced during the Assessment Year 2008-09 - Held that - Before considering this statement further we would like the petitioner to place on record that income tax return along with the balance sheet etc. for the Assessment Year 2008-09. Ref HC case 2017 (1) TMI 252 - BOMBAY HIGH COURT

Summary

The Supreme Court ordered the petitioner to submit the income tax return and balance sheet for Assessment Year 2008-09. The petitioner argued that since the return was filed for 2008-09, it proved the business had commenced during that year, impacting the assessment for 2009-10. Case listed for further consideration on 03.11.2017. [2017 (11) TMI 268 - SC]