TMI Blog2005 (5) TMI 30X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee had not commenced its business during the assessment year. The claim of the assessee pertains to expenses incurred on travelling and conveyance, rent, telephone expenses, brokerage, maintenance and sales promotion - Assessing Officer was of the view that the business of the assessee would commence with the first purchase of stock-in-trade and since no trading activities had taken place ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... position, we do not find any infirmity in the impugned order nor does it raise any substantial question of law - - - - - Dated:- 5-5-2005 - Judge(s) : SWATANTER KUMAR., MADAN B. LOKUR JUDGMENT The judgment of the court was delivered by Madan B. Lokur J.- The Revenue has preferred this appeal under section 260A of the Income-tax Act, 1961, against the order dated June 22, 2004, passed by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e-tax (Appeals) (hereinafter referred to as "CIT(A)") set aside the view of the Assessing Officer. The Commissioner of Income-tax (Appeals) noted that there was a distinction between commencement of business and setting up of business and the two dates need not necessarily overlap. It was held that section 3 of the Income-tax Act refers to the date of setting up the business and as such it is only ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act reads as follows: "3. 'Previous year' defined.-(1) Save as otherwise provided in this section, 'previous year' for the purposes of this Act, means the financial year immediately preceding the assessment year: Provided that, in the case of a business or profession newly set up, or a source of income newly coming into existence, in the said financial year, the previous year shall be the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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