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Income Tax Assessment

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(Querist)
23 November 2009 A commission based company in its first year claim expenses of Rs. 31,00,000/- without any business income.

My question is that will it be allowed by the income authorities as revenue expenses?

Please reply me on this issue.

Thanks
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
23 November 2009 It is very difficult to allow the same as the expenses seems to be not in connection with any business.

If u can prove they are in connection with some business generated next year then u ve a chance.

Other wise u should have capitalised the same under the head work in progress.
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