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DELHI HIGH COURT
A.K.SIKRI, VALMIKI J.MEHTA
Commissioner of Income Tax – Appellant
Versus
Whirlpool of India Ltd. – Respondent
JUDGMENT
Valmiki J.Mehta, J.
1. This appeal is against the order of the Income Tax Appellate Tribunal (hereinafter referred to as "ITAT") dated 2.11.2007 whereby the ITAT has deleted the disallowance of expenses prior to 1.02.1996 made by the Assessing Officer and which was confirmed by the CIT(A), on the ground that the assesse's business could be said to have been set up only on 1.2.1996 when the bank account was opened and not prior thereto.
2. The facts of the case are that the assessee company was incorporated on 27.7.1995 as a financial enterprise, with its main objects according to the memorandum of association, to carry on the business of financing of all kinds of goods including consumer goods and consumer durables etc., to purchase or finance all kinds of financial instruments, to finance private industrial enterprise in India by way of loans or advances and so on. The first board meeting was held on 12.08.1995 in which additional directors, executives and auditors were appointed. On 4.9.1995 the company placed orders for purchase of computers and peripherals. During the months of September and October 1995, various key employees such as branch managers, regional mana
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