Till Business commencement all expenses for Business set-up will be treated as Capital Expenditure

Isolux Corsan Power Concession India Pvt. Ltd. Vs ITO (ITAT Delhi) In this case AO has treated Interest income as Income from other sources as Business of Assessee was not set-up in the year under consideration  and held as follows:- In the present case, the appellant has miserably failed to demonstrate that during the year under consideration the business has been set up against which the claimed expenses could be allowed. Under the circumstances, the assessing officer was fully justified in concluding that the business has not been set up in the interest received during the year has to be t...