Expenditure incurred between setting up & commencement of business is duly allowable

Bharti Land Limited Vs ACIT (ITAT Delhi) ITAT Delhi held that that expenditure incurred between setting up and commencement of business could not have been capitalized and was to be allowed as business expenditure. Facts- AO noted that assessee company was incorporated on 12.01.2015 for the purpose of acquiring, constructing, developing and leasing/sale of real estate properties in India or abroad. AO noted that the year under consideration, is almost the first year of business of the assessee company; during the year under consideration, the assessee has not received any revenue from the busi...