Tag: Temporary business closure

Expenses incurred during lull business period can not be denied to assessee when he was not able to generate any income. ABCAUS Case Law Citation:ABCAUS 3297 (2020) (04) ITAT In this case appeals had been filed at the instance of the Assessee  against the separate orders of the …

If business not closed down, expenses allowed u/s 37(1) even if turnover was low as it was temporary lull which assessee was trying to revive – ITAT ABCAUS Case Law Citation:ABCAUS 3113 (2019) (08) ITAT The instant appeal had been filed by the assessee against impugned order passed …

Temporary business closure, lull and disallowance of expenses Expenses of rent staff and various other business expenses establish that those were incurred to keep its business alive they cannot be disallowed merely on the ground of temporary closure or lull in business due to recession in the market-held by …