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2020 (2) TMI 460 - AT - Income TaxDisallowance of expenses as business not set up - HELD THAT:- Undisputed facts in the instant case is that the assessee has applied for grant of Direct Broker Licence to the Insurance Regulatory and Development Authority on 01.12.2010 which was granted to the assessee only in February, 2012, therefore in view of RAMARAJU SURGICAL COTTON MILLS LIMITED [1966 (10) TMI 41 - SUPREME COURT] we hold that the business of the assessee has been set up only in February, 2012. Accordingly, the order of the CIT(A) holding that the business of the assessee was not set up during the relevant period and, therefore, the entire expenses has to be disallowed as business expenditure is upheld. The various decisions relied on by the ld. Counsel for the assessee are distinguishable and not applicable to the facts of the present case. Accordingly, the grounds raised by the assessee are dismissed.
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