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2021 (1) TMI 291 - AT - Income TaxDisallowance of business loss - assessee is still in the process of setting up of business and therefore the business of the assessee has not “commenced” during the year - HELD THAT:- As perused the relevant records especially the documentary evidences filed by the assessee alongwitth the decision of the ITAT, Delhi ‘B’ Bench in the csse of ITO vs. Amrit Foods (P) Ltd. [1984 (3) TMI 150 - ITAT DELHI-B] the assessee has commenced its business in the said assessment year as the assessee had made its sale and purchase i.e. Harpic which is evident from the table below which has already been mentioned in the written submissions. It is well settled law that even a single transaction may constitute business as defined in section 2(13). It is not asking there should be a series of transaction. Both of purchase and the sale to constitute trade. Therefore, we delete the addition in dispute. - Decided in favour of assessee.
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