Court held that the assessee did all that was necessary to set up the insurance broking business. The assessee, after its incorporation opened a bank account, entered into an agreement for deputing employees (who were to further its insurance business), gave necessary training to the employees, executed operating lease agreements, and resultantly, set up offices at 29 different locations across the country. Besides this, the application for obtaining a licence from Insurance Regulatory and Development Authority was also filed on December 1, 2010. The Authority took more than a year in dealing with the assessee’s application for issuance of a licence. The licence was issued only on February 2, 2012 although the assessee was all primed up, i.e., ready to commence its business, if not earlier, since June 1, 2011. The assessee was entitled to deduction of the expenses incurred for the business in the AY. 2012-13. (AY. 2012-13)