https://www.taxtmi.com/caselaws?id=21448 The HC concluded that the assessee's business was set up on August 15, 1970, and expenses incurred between that date and October 6, 1970, were deductible under section 37 of the Income-tax Act, 1961. The court affirmed the Tribunal's decision that the business infrastructure was in place by August 15, 1970, allowing the deduction of expenses before actual operations commenced. The question was answered in favor of the assessee, supporting the Appellate Assistant Commissioner's decision and rejecting the Revenue's appeal. No order as to costs. en-us Mon, 10 Aug 1992 00:00:00 +0530 Sat, 28 Oct 2023 10:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21448 The HC concluded that the assessee's business was set up on August 15, 1970, and expenses incurred between that date and October 6, 1970, were deductible under section 37 of the Income-tax Act, 1961. The court affirmed the Tribunal's decision that the business infrastructure was in place by August 15, 1970, allowing the deduction of expenses before actual operations commenced. The question was answered in favor of the assessee, supporting the Appellate Assistant Commissioner's decision and rejecting the Revenue's appeal. No order as to costs. Case-Laws Income Tax Mon, 10 Aug 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21448