2001 (12) TMI 44

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ment proceedings, the assessee claimed deduction under section 35(1)(iv) of the Income-tax Act, 1961, in a sum of Rs.4,92,467 under the head "Research and development expenses". The Assessing Officer negatived the assessee's claim on the ground that the said expenditure related to a building that was still under construction and, therefore, the assessee is not entitled for the relief. On further .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... after March 31, 1967, the whole of such capital expenditure incurred in any previous year shall be deducted for that previous year. The section refers only to "capital expenditure" and does not further require that the asset brought into existence by incurring such expenditure should have been complete in all respects. The deduction is for the expenditure to the extent incurred. Expenditure incurr .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X