https://www.taxtmi.com/caselaws?id=153236 Business is treated as set up when it is established and ready to commence, even if actual trading has not begun. For deductions under Section 10(2), the relevant period is the previous year in which the business is carried on, and under Section 2(11) that year begins when the business is set up. Expenditure incurred after set-up but before actual commencement is therefore within the allowable period. The text notes that the Tribunal relied on the certificate of commencement, purchase of the mill, surrounding circumstances, and expense details before fixing 1 September 1946 as the set-up date. en-us Wed, 24 Mar 1954 00:00:00 +0530 Fri, 19 Jul 2013 17:37:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=153236 Business is treated as set up when it is established and ready to commence, even if actual trading has not begun. For deductions under Section 10(2), the relevant period is the previous year in which the business is carried on, and under Section 2(11) that year begins when the business is set up. Expenditure incurred after set-up but before actual commencement is therefore within the allowable period. The text notes that the Tribunal relied on the certificate of commencement, purchase of the mill, surrounding circumstances, and expense details before fixing 1 September 1946 as the set-up date. Case-Laws Income Tax Wed, 24 Mar 1954 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=153236