https://www.taxtmi.com/caselaws?id=247030 Business expenditure becomes allowable only after the business is set up and ready to commence operations; mere preparatory steps are insufficient. The assessee failed to substantiate that its proposed leasing business had reached that stage, because the record showed only limited evidence of managerial appointments and no reliable proof of office infrastructure, staff deployment, operational readiness, regulatory compliance, or supplier arrangements. As a result, the claimed loss and depreciation from inception were not deductible as business expenditure, and the disallowance was sustained. en-us Thu, 17 Apr 2014 00:00:00 +0530 Wed, 30 Apr 2014 07:41:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247030 Business expenditure becomes allowable only after the business is set up and ready to commence operations; mere preparatory steps are insufficient. The assessee failed to substantiate that its proposed leasing business had reached that stage, because the record showed only limited evidence of managerial appointments and no reliable proof of office infrastructure, staff deployment, operational readiness, regulatory compliance, or supplier arrangements. As a result, the claimed loss and depreciation from inception were not deductible as business expenditure, and the disallowance was sustained. Case-Laws Income Tax Thu, 17 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247030