Disallowance of expense owing to suspension of business unsustainable in absence of closure of business

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

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