https://www.taxtmi.com/caselaws?id=772293 ITAT Delhi dismissed Revenue's appeal regarding disallowance of business expenditure. The tribunal held that expenses incurred after "setting up of business" are deductible, distinct from "commencement of business." For an investment company, business is set up when ready to make investments, not when revenue generation begins. The assessee set up business on receiving funds and making first investment, making subsequent expenses deductible. Book entries alone don't determine tax liability; statutory provisions govern deductibility regardless of accounting treatment. en-us Wed, 04 Jun 2025 00:00:00 +0530 Fri, 06 Jun 2025 08:30:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772293 ITAT Delhi dismissed Revenue's appeal regarding disallowance of business expenditure. The tribunal held that expenses incurred after "setting up of business" are deductible, distinct from "commencement of business." For an investment company, business is set up when ready to make investments, not when revenue generation begins. The assessee set up business on receiving funds and making first investment, making subsequent expenses deductible. Book entries alone don't determine tax liability; statutory provisions govern deductibility regardless of accounting treatment. Case-Laws Income Tax Wed, 04 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772293