https://www.taxtmi.com/caselaws?id=37467 The High Court of Bombay determined that a business was considered set up for claiming deductions under section 28 of the Income-tax Act, 1961, from June 10, 1964, when the power connection was secured. The court emphasized the readiness to commence production as a crucial factor in establishing a business setup for tax purposes. The expenditure from that date was allowed as deductions in determining the company's business profits. The court clarified the criteria for determining the establishment of a business and directed the assessee to pay the costs of the reference. en-us Mon, 29 Jan 1979 00:00:00 +0530 Tue, 30 Mar 2010 10:24:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37467 The High Court of Bombay determined that a business was considered set up for claiming deductions under section 28 of the Income-tax Act, 1961, from June 10, 1964, when the power connection was secured. The court emphasized the readiness to commence production as a crucial factor in establishing a business setup for tax purposes. The expenditure from that date was allowed as deductions in determining the company's business profits. The court clarified the criteria for determining the establishment of a business and directed the assessee to pay the costs of the reference. Case-Laws Income Tax Mon, 29 Jan 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37467