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Generation of income not necessary for claiming business expenditure
Case Law Details
- Case Name
- Zhilmil Electronics Pvt. Ltd. Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Delhi
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Zhilmil Electronics Pvt. Ltd. Vs ITO (ITAT Delhi)
ITAT Delhi held that once the expenditure is allowable as business expenditure u/s 30 to 38 of the Income Tax Act there is no requirement of generation of income for claiming business expenditure.
Facts-
During the assessment proceedings, it is found that the assessee company has issued 2,35,000 equity shares to four different entities for Rs. 94,00,000/- including share premium of Rs. 70,50,000/-. The assessee has allotted equity shares at Rs. 10 per share at a premium of Rs. 30/- per share totaling to a value of Rs. 40 per share.
AO was of th...
Author Info
