https://www.taxtmi.com/caselaws?id=35860 The High Court ruled against the assessee, determining that the business was not set up by June 1966 as claimed. Consequently, expenses incurred post-June 1966 were not classified as revenue expenses. The Court emphasized that a business is considered set up only when it is ready to discharge its intended function, highlighting ongoing trial production and the need for additional machinery as factors indicating unreadiness for commercial production by June 1966. The assessee was directed to bear the costs of the reference to the Commissioner. en-us Thu, 19 Oct 1978 00:00:00 +0530 Fri, 06 Jan 2017 16:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35860 The High Court ruled against the assessee, determining that the business was not set up by June 1966 as claimed. Consequently, expenses incurred post-June 1966 were not classified as revenue expenses. The Court emphasized that a business is considered set up only when it is ready to discharge its intended function, highlighting ongoing trial production and the need for additional machinery as factors indicating unreadiness for commercial production by June 1966. The assessee was directed to bear the costs of the reference to the Commissioner. Case-Laws Income Tax Thu, 19 Oct 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35860