https://www.taxtmi.com/caselaws?id=377274 The Tribunal held that the assessee's business was considered set up on the date it received SEBI approval, allowing it to claim expenses incurred from that date as business expenses under Section 37(1) of the Income-tax Act. The expenses prior to obtaining SEBI approval were deemed preparatory and not allowable. The AO was directed to verify and allow expenses from the approval date onwards, partially allowing the Revenue's appeal and requesting SEBI approval for verification. en-us Wed, 13 Mar 2019 00:00:00 +0530 Tue, 26 Mar 2019 10:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377274 The Tribunal held that the assessee's business was considered set up on the date it received SEBI approval, allowing it to claim expenses incurred from that date as business expenses under Section 37(1) of the Income-tax Act. The expenses prior to obtaining SEBI approval were deemed preparatory and not allowable. The AO was directed to verify and allow expenses from the approval date onwards, partially allowing the Revenue's appeal and requesting SEBI approval for verification. Case-Laws Income Tax Wed, 13 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377274