https://www.taxtmi.com/caselaws?id=37466 Question whether commencement of business occurred in February 1961 or later centered on marketability of the plants output. The court rejected a rigid quality/marketability test as determinative and treated factual findings of the Tribunal as binding. Applying the case facts, the court concluded the assessee-company had set up business by 19 August 1961. Consequences follow: expenses incurred after that date are allowable as business expenses, and the ITO must recalculate admissible business loss, depreciation and development rebate from 19 August 1961. The Tribunal order sustaining the AAC directions was thus not sustained. en-us Tue, 20 Jun 1978 00:00:00 +0530 Wed, 28 Jan 2026 10:35:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37466 Question whether commencement of business occurred in February 1961 or later centered on marketability of the plants output. The court rejected a rigid quality/marketability test as determinative and treated factual findings of the Tribunal as binding. Applying the case facts, the court concluded the assessee-company had set up business by 19 August 1961. Consequences follow: expenses incurred after that date are allowable as business expenses, and the ITO must recalculate admissible business loss, depreciation and development rebate from 19 August 1961. The Tribunal order sustaining the AAC directions was thus not sustained. Case-Laws Income Tax Tue, 20 Jun 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37466