Where the assessee had executed lease deeds for its premises, obtained Importer Exporter Code, engaged senior employees and carried out local purchase and sale, it was to be held that its business had been set-up and expenditure incurred by it could not be disallowed as being pre-operative in nature. Further, expenditure incurred on advertisement, if incurred wholly and exclusively for the purposes of business will be allowable as long as no capital asset is created and the extent of the advertisement expenditure is irrelevant. (A.Y. 2010-11)