High Court Confirms Assessee's Business Commencement Through Same-Day Loan and Deposit Actions with NGEF Ltd.

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....Commencmen of business - When the assessee in the present case was in a position to apply for the tender, borrowed money for interest albeit from its holding company and deposited the same with NGEF Ltd. on the same day, it shows that the assessee's business had been set-up and it was ready to commence business. - HC....