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2009 (10) TMI 49 - HC - Income TaxInterpretation of section 35D - Amortisation of certain preliminary expenses – Expenditure of Rs.49,13,479.85 was incurred towards the right issue and Rs.75,06,601.80 towards the public issue - The assessment was completed under Section 143(3) of the Act on 26.3.2001 wherein the Assessing Officer (AO) disallowed the expenses claimed by the appellant as revenue expenditure. – held that - The activity of construction can, by no stretch of imagination, be treated as manufacturing activity as it does not amount to manufacture or production of an article or a thing - opined that the business of construction of building will not fall within the ambit of industrial company - Since the appellant does not qualify to be an industrial undertaking, whether amendment to Section 35D of the Act is clarificatory in nature or applies retrospectively will not have any bearing. Therefore, it is not necessary to decide this question in the facts of this case
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