Disallowance of loss on reasons of non-set up of business - company has not at all completed set up of...

Disallowance of loss on reasons of non-set up of business - company has not at all completed set up of the business so as to commercially starts its operation. In such circumstances, lower authorities justified disallowing expenditure claimed by the assessee which is only a pre-operative expenditure and cannot be allowed as business expenditure in the assessment year under consideration. - AT .....

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