Expenses incurred between the dates of commencement of business to setting up of business are allowable

Some of the relevant facts are, the assessee company was incorporated on September 19, 2007 under the Companies Act, 1956, to carry on trading activities which primarily included wholesale trading of all kinds of consumer goods durables, articles and products. The year 2008-09 was the first year of assessment. The assessee company filed an E-Return of income for the assessment year 2008-09. The appellant­assessee claimed expenses amounting to Rs.9,03,03,547/- and claimed a business loss of Rs. 8,64,07,610/- after setting off income from other sources amounting to Rs. 38,95,937/-. Show cause n...