Allowing the appeal of the assessee the Tribunal held that, upon its incorporation, assessee took various steps to commence its business such as hiring of people application to SEBI, organizing for space etc, and this amounted to setting up business and the entire expenses are allowable. (AY. 2007 -08)
Pinebridge India (P.) Ltd. v. ACIT (2018) 173 ITD 341 / 196 TTJ 1 (UO)/ 67 ITR 74 (SN)(Mum.)(Trib.)
S. 37(1) : Business expenditure-Setting up of business-Service industry for manging mutual funds-Upon its incorporation, assessee took various steps to commence its business such as hiring of people application to SEBI, organizing for space etc, and this amounted to setting up business- Expenses are allowable.