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Deductibility of business closure expenses

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23 Points Posted on 14 October 2022
Where the assessee has shut its operations and business and still incurs certain expenses on business closure, compliance and other expenses aftermath, will it be allowed as deduction under section 37?
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On 14 October 2022 at 17:15 Report
Replies (3)
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SEO Sai Gr. Hosp.
211624 Points Posted on 14 October 2022

He can carry forwards the losses till he gets profits in any new business...

581 Reply
On 14 October 2022 at 18:29
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tax consultant
3306 Points Posted on 14 October 2022
Yes he can claim all those expenses
9 Reply
On 14 October 2022 at 18:58
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Profession Business
28207 Points Posted on 16 October 2022
Sec 37 allows for claiming expenses wholly for the purpose of business.
44 Reply
On 16 October 2022 at 16:17


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