Expenses after business setup allowable even if business not commenced

Business is said to have been set up when it is established and ready to be commence. However, there may be an interval between a business which is set up and a business which is commenced. However, all expenses incurred during the interregnum between setting up of business and commencement of business would be permissible deductions. RELEVANT EXTRACT OF THE JUDGMENT 3. The Respondent – Assessee is an asset management company. During the assessment proceedings, the Assessing Officer noted that the respondent – assessee had shown the business loss of Rs.1.17 crores and Miscellaneous Income...