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2012 (7) TMI 156 - HC - Income TaxEntitlement for amortization u/s 35-D - expenses related to the 'Euro issue' - word "being" as used in Section 35D(2)(c)(iv) is not 'illustrative' but only 'restricted' to - Held that:- Considering the eligibility of the assessee company no denial of the fact that the object of issuing shares was for raising the assessee's expansion activities, particularly in the field of capacity expansion and also proposed to invest for expansion of its plants for materials and modernisation of the existing facilities and developments. Thus all the Units of the assessee were to go for expansion programme as well as for modernisation programme, which was in the form of capital expansion - thus no denial of the fact that the expenditure incurred was not in connection with the setting up of a new industrial plant - the word "expansion" in relation to industrial activity gives the meaning as "extension" - this warrants the eligibility of the assessee to amortise certain preliminary expenses - in favour of assessee. Declared as the meaning of the phrase "being" no hesitation in holding that the expenditure that qualified for consideration under Section 35D is restricted by reason of use of the phrase "being".Other than what is contemplated under Sub Clause D, if there are still other expenditure in connection with the commencement of business or in connection with the expansion of the industrial undertaking after the commencement of the business or in connection with the set up of a new industrial unit, the same would also qualify for amortization u/s 35D
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