Expenditure incurred exclusively for business to be allowed whether or not assessee was having any

The Income Tax Appellate Tribunal (ITAT) Chennai bench ruled that business expenses incurred exclusively for business purposes must be allowed as deductions, regardless of whether the assessee earned any income during the year. M/s. Casa Grande Homes Pvt. Ltd. had claimed substantial expenses related to its ongoing construction project but had no revenue. The ITAT upheld the company's accounting treatment, aligning with ICAI guidelines and the Income Computation and Disclosure Standards (ICDS).