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<h1>Business considered 'set up' only when established and ready for operations, not during preparatory activities</h1> The expression 'setting up' under Indian law means 'to place on foot' or 'to establish,' distinct from 'commence.' A business is considered set up only when it is established and ready to commence operations, not during preparatory stages. The term 'set up' equals 'established,' but operations for establishment cannot be equated with actual establishment of the unit itself. This distinction clarifies that mere preparatory activities do not constitute setting up a business entity.