Expenditure incurred during interval period of setting up of a new business & its commencement can be allowed as deduction

Messung Systems Private Limited Vs ITO (ITA Pune) Expenditure incurred during interval period of setting up of a new business and its commencement can be allowed as deduction The ITAT, Pune in Messung Systems Private Limited v. ITO [ITA No.683/PUN/2018 dated November 7, 2022] partly allowed the appeal of the assessee against the order passed by the Revenue Department holding that the expenses incurred for pre- operative nature cannot be set-off against the interest income. Held that, expenditure incurred by a company during the setting up of new business and its commencement can be allowed as ...