When company not started its core activity, it cannot be construed that it had commenced its business

Advocate Akhilesh Kumar Sah Hyderabad Metro Rail Ltd. Vs. ITO (ITAT Hyderabad) Hyderabad Metro Rail Ltd.: when company not started its core activity, it cannot be construed that it had commenced its business and the income shown in the P&L A/c is not generated from the business activity of the assessee, rules ITAT, Hyderabad. In Hyderabad Metro Rail Ltd. vs. ITO [ITA No. 1232/Hyd/2017, decided on 29 December, 2017], among st other grounds, it was raised that the learned CIT(A) erred in confirming the order of AO in disallowing the entire expenditure incurred on facilitation for setting...