Date of approval by SEBI to be regarded as date of set-up of business by asset management co.: ITAT

IT: In case of assessee, an asset management company, date of approval given by SEBI was to be regarded as date on which assessee set up its business and was ready to commence said business and, therefore, expenses incurred for purpose of business after said date of approval were eligible for deduction under section 37(1)

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