Start-up Businesses Can Deduct All Revenue Expenses, Even If business has not commenced u/s 30(1) and 37(1) of IT Act: ITAT [Read Order]

By Killamsetty Rasmita - On August 10, 2023 10:00 am - 2 mins read
Revenue Expenses -Start-up Businesses - - If business - IT Act - ITAT - taxscan

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has ruled that start-up businesses can deduct all revenue expenses, even if the business has not commenced, and held that the expenses are allowable as a deduction under Section 30(1) and Section 37(1) of the Income Tax Act, as they are incurred “wholly and exclusively”…

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