https://www.taxtmi.com/caselaws?id=58658 The Appellate Tribunal ITAT BOMBAY-C upheld the allowance of the assessee's claimed loss for the assessment year 1979-80. The Tribunal determined that the business had been set up and was ready to engage in transactions involving diamonds and precious stones, distinguishing between setting up and commencing business activities. Despite the absence of actual trading transactions, events such as key personnel appointments, office accommodation hiring, and overseas visits for diamond procurement demonstrated the readiness of the assessee to conduct business. The Tribunal dismissed the revenue's appeal and the assessee's cross-objections, affirming the Commissioner (Appeals)'s decision to allow the claimed loss. en-us Thu, 17 Jul 1986 00:00:00 +0530 Tue, 21 Dec 2010 13:46:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58658 The Appellate Tribunal ITAT BOMBAY-C upheld the allowance of the assessee's claimed loss for the assessment year 1979-80. The Tribunal determined that the business had been set up and was ready to engage in transactions involving diamonds and precious stones, distinguishing between setting up and commencing business activities. Despite the absence of actual trading transactions, events such as key personnel appointments, office accommodation hiring, and overseas visits for diamond procurement demonstrated the readiness of the assessee to conduct business. The Tribunal dismissed the revenue's appeal and the assessee's cross-objections, affirming the Commissioner (Appeals)'s decision to allow the claimed loss. Case-Laws Income Tax Thu, 17 Jul 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58658