2005 (5) TMI 30

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..... under section 260A of the Income-tax Act, 1961, against the order dated June 22, 2004, passed by the Income-tax Appellate Tribunal, Delhi, Bench SMC-I (for short "the Tribunal"), in I.T.A No. 529/Del/2001. The only issue that has been raised is with regard to deduction for expenses claimed by the assessee which was disallowed by the Assessing Officer on the ground that the assessee had not commen .....

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..... 3 of the Income-tax Act refers to the date of setting up the business and as such it is only thereafter that the previous year of the newly set up business would commence. It was held that the expenses incurred prior thereto could be taken into account for the purposes of determining the profits of a newly set up business. Feeling aggrieved by the order passed by the Commissioner of Income-tax ( .....

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..... newly coming into existence, in the said financial year, the previous year shall be the period beginning with the date of setting up of the business or profession or, as the case may be, the date on which the source of income newly comes into existence and ending with the said financial year ...". The definition of the expression "previous year" is quite clear and does not admit of any meaning w .....

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