Held the assessee had entered into a Leave and License Agreement with Indiabulls Properties Pvt. Ltd. on 5-6-2009 and had merely carried out fit out work. As the assessee was not in a position to solicit customers till end of May, 2009 before start of Leave and License Agreement, disallowance made by Assessing Officer which had been confirmed by Commissioner (Appeals) is affirmed. (AY. 2009-10)
NDTV Studios Ltd. v. ITO (2022) 197 ITD 388 (Delhi)(Trib.)
S. 37(1) : Business expenditure-Setting up of business-Setting up studio on commercial property-Leave and License Agreement with Indiabulls Properties Pvt. Ltd. on 5-6-2009-Disallowance of expenditure is affirmed.