https://www.taxtmi.com/caselaws?id=37138 Business is treated as set up when the assessee has taken concrete steps consistent with its composite objects and begun activity showing commercial readiness. Here, purchases of raw materials, component parts and imported items, coupled with closing stock and later sales of spare parts, supported the Tribunal's inference that trading in spare parts formed part of the business and that business activity had begun during the relevant accounting period. The High Court held that this was a factual finding supported by evidence, not a perverse conclusion or one based on no evidence, and answered the question in favour of the assessee. en-us Mon, 17 Jul 1978 00:00:00 +0530 Fri, 26 Mar 2010 17:02:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37138 Business is treated as set up when the assessee has taken concrete steps consistent with its composite objects and begun activity showing commercial readiness. Here, purchases of raw materials, component parts and imported items, coupled with closing stock and later sales of spare parts, supported the Tribunal's inference that trading in spare parts formed part of the business and that business activity had begun during the relevant accounting period. The High Court held that this was a factual finding supported by evidence, not a perverse conclusion or one based on no evidence, and answered the question in favour of the assessee. Case-Laws Income Tax Mon, 17 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37138