https://www.taxtmi.com/caselaws?id=15553 Business commencement for tax purposes was treated as occurring when the assessee secured and accepted the binding letter of intent on 13 April 1981, because the contract made that date operative for the project timetable and related obligations. Subsequent Reserve Bank permission and Companies Act registration were regarded only as compliance steps for a foreign company and did not postpone commencement. Expenditure incurred after the letter of intent was held to be in furtherance of the business activities and therefore deductible from that date. en-us Tue, 02 Feb 1999 00:00:00 +0530 Tue, 25 Aug 2009 18:49:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15553 Business commencement for tax purposes was treated as occurring when the assessee secured and accepted the binding letter of intent on 13 April 1981, because the contract made that date operative for the project timetable and related obligations. Subsequent Reserve Bank permission and Companies Act registration were regarded only as compliance steps for a foreign company and did not postpone commencement. Expenditure incurred after the letter of intent was held to be in furtherance of the business activities and therefore deductible from that date. Case-Laws Income Tax Tue, 02 Feb 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15553