https://www.taxtmi.com/caselaws?id=337866 The Tribunal concluded that the business of the assessee was 'set up' during the year as the assessee was ready to cater to its customers. The Tribunal emphasized that setting up of the business is the crucial event for determining the starting point for allowing business expenses, even if the business had not yet commenced. The expenses incurred by the assessee were found to be allowable as business expenses since they were incurred after the business was set up. The Tribunal directed the Assessing Officer to delete the disallowance of the expenses claimed by the assessee. en-us Fri, 18 Nov 2016 00:00:00 +0530 Thu, 19 Jan 2017 08:30:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337866 The Tribunal concluded that the business of the assessee was 'set up' during the year as the assessee was ready to cater to its customers. The Tribunal emphasized that setting up of the business is the crucial event for determining the starting point for allowing business expenses, even if the business had not yet commenced. The expenses incurred by the assessee were found to be allowable as business expenses since they were incurred after the business was set up. The Tribunal directed the Assessing Officer to delete the disallowance of the expenses claimed by the assessee. Case-Laws Income Tax Fri, 18 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337866