When the assessee has received approval from SEBI to act as an Asset Management Company then it can be said to have set up its business and even though it has not actually commenced its business all business expenses incurred by it are allowable because its business has been set up. (AY. 2013-2014)
Dy. CIT v. PPFAS Asset Management P. Ltd. (2019) 72 ITR 41 (SN) (Mum.)(Trib.)
S. 37(1) : Business expenditure–Asset management company–Set up of business-Approval from SEBI–Expenditure is allowable though it had not actually commenced its business. [S. 2(13 )]