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Disallowance of expense owing to suspension of business unsustainable in absence of closure of business
Case Law Details
- Case Name
- DCIT Vs MDLR Airlines Pvt. Ltd. (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Delhi
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DCIT Vs MDLR Airlines Pvt. Ltd. (ITAT Delhi)
ITAT Delhi held that disallowance of expenditure owing to suspension of business unsustainable as there is nothing on record to show that assessee has completely abandoned or closed the business forever by disposing of its assets and going into liquidation.
Facts- Revenue has preferred the present appeal mainly contesting that CIT(A) has erred in deleting addition of Rs.4,30,78,000/- on account of share application money u/s. 68 of the Act and addition of Rs.3,99,18,595/- on account of disallowance of expenditure owing to suspension of business oper...
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