Business set up expenses deductible despite no business business income

Advertisement CA Suraj R. Agrawal A business is “set up” and expenditure is deductible whether actually assessee got any customer and earned any business income during the year or not Brief of the Case:- The assessee may not have been successful in getting customers or earning the business income, but if the assessee has done requisite preparations and if the assessee can be said to be in a position to cater to its customers, then it can be said that business is set up and it would amount to carrying on the business and accordingly the expenses would stand allowable to the assessee, ...