Section 37 of the Income Tax Act, 1961 — Business Expenditure — Assessee, an asset management company formed to manage mutual fund schemes pursuant to an investment management agreement with another company having taken various steps to commence its business viz hiring of people, making of application to SEBI, putting up of infrastructure for business and also undertaken  preparatory work to launch a mutual fund scheme amounted to setting up of Business and therefore the expenses of routine nature incurred by the assessee in the  course of its business of Asset Management could not be disallowed on the ground that assessee's  business activities have not commenced — Pinebridge India P. Ltd. vs. Assistant Commissioner of Income tax [2018] 196 TTJ (Mumbai)(UO) 1