Expenses Deductions allowed if Business is set up : ITAT
HIPL India Private Ltd. Vs ACIT (ITAT Bangalore) Issue :In the instant case, assessee-company had claimed deduction of audit Fees/bank charges, rates and taxes and communication and office expenses, etc. AO held that as business of assessee was not set up, therefore, revenue expenses claimed as deduction had to be capitalised as pre-commencement expenses Held:… Read More »