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2012 (12) TMI 88 - AT - Income TaxDeduction u/s 35D in respect of amortization of expenditure incurred on initial public offer of Equity shares – alleged that the appellant is not an industrial undertaking – Held that:- Assessee company is carrying on banking business in India - Section 35D allows authorization of certain preliminary expenses only to an ‘industrial undertaking’ incurred before commencement of business, or after the commencement of his business, in connection with the extension of his ‘industrial undertaking’ or in connection with his setting up of a new ‘industrial unit’ and financial institutions are not eligible for the same” - assessee is a bank and not an ‘industrial undertaking’ for the purpose of section 35D – against assessee. Revision u/s 263 - possible view - held that:- the AO has not examined issue and simply without applying the mind allowed the claim of the assessee, therefore, the order of the AO becomes erroneous and prejudicial to the interests of the Revenue. - the order passed by the CIT u/s 263 o upheld.
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