TMI Blog2011 (9) TMI 158X X X X Extracts X X X X X X X X Extracts X X X X ..... Income Tax Appellate Tribunal following the decision of this Court in the case of Commissioner of Income Tax V/s. Industrial Solvents & Chemicals Private Limited (1978 -TMI - 37466 - BOMBAY High Court) has held that since trial runs were carried out by the assessee from 1st March 2001, it must be held that the assessee has set up its business on 1st March 2001 - Decided against the revenue. - ITA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in the profit and loss account had to be treated as preoperational expenses and were required to be capitalized. 4. On appeal filed by the assessee, the Commissioner of Income Tax (Appeals) confirmed the disallowance and held that the expenses incurred by the assessee were liable to be capitalized. 5. On further appeal filed by the assessee, the Income Tax Appellate Tribunal following the d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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