Setting up of business during the year under consideration - ...

Real Estate Business Expands with New Property Purchase; Operations Begin in Same Year as Investment.

June 24, 2020

Case Laws     Income Tax     AT

Setting up of business during the year under consideration - Assessee having invested substantial amount in the purchase of another property in the year itself, thus, set up of its business as per its Memorandum of Understanding was done, since it was engaged in the business of real estate. - the assessee having not only set up its business but had also commenced its business during the previous year itself.

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