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2019 (6) TMI 342 - AT - Income TaxDeduction u/s. 24 - disallowance of business loss - assessee is not entitled to any further deduction other than those provided u/s. 24 - allowability of certain fixed expenditure to maintain its existence and run business operations and therefore has set off thus minimum bare expenses as business expenses - HELD THAT:- There is no complete cessession of business of the assessee and in order to maintain the establishment the assessee has incurred expenditure which has been claimed to be set off. We are of the considered view that the assessee has incurred genuine business expenditure, during the year under consideration deduction whereof ought to have been allowed u/s. 24. In that view of the matter the expenditure claimed by the assessee company of ₹ 8,75,403/- as business loss is hereby allowed. The addition on this ground as made by the authorities below is thus deleted. - Assessee’s appeal is allowed.
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