https://www.taxtmi.com/caselaws?id=38916 The High Court ruled in favor of the assessee, overturning the Tribunal's decision. It held that the assessee had indeed commenced its business activities before June 26, 1965, by undertaking essential business components such as securing orders and acquiring raw materials. Therefore, the expenditures and losses claimed by the assessee were allowed as business losses. The Commissioner was instructed to cover the costs of the reference to the assessee. en-us Mon, 22 Mar 1976 00:00:00 +0530 Sat, 10 Apr 2010 13:14:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38916 The High Court ruled in favor of the assessee, overturning the Tribunal's decision. It held that the assessee had indeed commenced its business activities before June 26, 1965, by undertaking essential business components such as securing orders and acquiring raw materials. Therefore, the expenditures and losses claimed by the assessee were allowed as business losses. The Commissioner was instructed to cover the costs of the reference to the assessee. Case-Laws Income Tax Mon, 22 Mar 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38916