TMI Blog2019 (7) TMI 1095X X X X Extracts X X X X X X X X Extracts X X X X ..... :- Tribunal, while concurring with the findings recorded by the CIT(A), has observed that having regard to the materials on record it can be said that the business of assessee had been set up and that the only thing was that the assessee was not able to generate any income out of the same. The CIT(A), as well as the Tribunal, have placed reliance on the decision of this Court in the case of CIT Vs Saurashtra Cement And Chemical [ 1972 (8) TMI 19 - GUJARAT HIGH COURT] this Court, explaining the meaning of business , held that business connotes a continuous course of activities, which go to make up the business, need not be started simultaneously in order that the business may commence. The business would commence when the activity whic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uestion, as proposed by the Revenue is concerned, the finding of fact recorded by the Tribunal is as under : The nature of business of the assessee company was to design, develop, finance, construct, operate and maintain Gujarat International FInance Tech. City (Gift City). The company had engaged specialised consultant to undertake various studies for the development of the gift project which included detailed amster plant, architectural and engineering design including concept design of building and infrastructure, context, study, talent assessment study, skills, demand supply study, demand assessment and feasibility, ICT master plan and design for building ICT infrastructure, real estate and market assessment, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . It is dear from the decision of jurisdictional High Court that as soon as activity which is an essential activity in the course of carrying on the business or which in other words is a business activity is started the assessee must be held to have commenced the business. The nature of business of the assessee company was to develop various common facilities and the material facts as elaborated in this order substantiate that the business of the assessee company was set up during the year under consideration. We observe that all these evidences clearly demonstrate that the business of the assessee had been set during the year under consideration in the light of he above fact and the detailed findings of the CIT(A), we do not find any error ..... X X X X Extracts X X X X X X X X Extracts X X X X
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