Expenditure incurred during the interval period of setting up of a new business and its commencement can be allowed as deduction
Court :
ITAT, Pune
Brief :
The ITAT, Pune in Messung Systems Private Limited v. ITO [ITA No.683/PUN/2018 dated November 7, 2022] partly allowed the appeal of the assessee against the order passed by the Revenue Department holding that the expenses incurred for pre- operative nature cannot be set-off against the interest income. Held that, expenditure incurred by a company during the setting up of new business and its commencement can be allowed as deduction.
Citation :
ITA No.683/PUN/2018 dated November 7, 2022
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Bimal Jain
Published in Income Tax
Views : 274
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