Expenses incurred for business allowable irrespective of income from such expense

ACIT Vs Emcipi Electronics Pvt. Ltd. (ITAT Delhi) ITAT held that The issue of quantum of income and allowableness of the expenses it has to be seen that, whether the expenditure incurred wholly and exclusively for the purpose of business or not. So long as the expenses are incurred for the purpose of business, in our opinion the same should be allowable as deduction and it is not necessary that the expenditure may result in income or there must be substantial income. The said view has been supported by the decision of Hon’ble Supreme Court in the case of CIT Vs. Malyalam Plantation Ltd. ...