{"id":7488,"date":"2019-09-28T06:50:22","date_gmt":"2019-09-28T06:50:22","guid":{"rendered":"http:\/\/itatonline.org\/digest\/dy-cit-v-albasta-wholesale-services-ltd-2019-70-itr-504-delhitrib\/"},"modified":"2019-09-28T06:50:22","modified_gmt":"2019-09-28T06:50:22","slug":"dy-cit-v-albasta-wholesale-services-ltd-2019-70-itr-504-delhitrib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/dy-cit-v-albasta-wholesale-services-ltd-2019-70-itr-504-delhitrib\/","title":{"rendered":"Dy. CIT  v. Albasta Wholesale Services Ltd  (2019) 70 ITR  504 (Delhi)(Trib.)"},"content":{"rendered":"<p>Assessee while claiming foreign exchange fluctuation loss had as per the AO in AY 2009-10 commenced business and was also substantiated as per the Commissioner (In Appeals) for AY 2010-11, Thus the department having accepted the previous decisions was not justified when the AO for AY 2011-12 held that the assessee had not started any business either during the year or prior to the year. Hence, the assessee had already set up the business. (ITA Nos. 6546\/DEL\/2015, AY. 2011-12)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 37(1) : Business expenditure\u2014Foreign exchange fluctuation loss\u2014department accepting that assessee had commenced its business in earlier year\u2014Denial of claim on reason that no business commenced for instant year not justified.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-7488","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-1WM","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/7488","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=7488"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/7488\/revisions"}],"predecessor-version":[{"id":7489,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/7488\/revisions\/7489"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=7488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=7488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=7488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}