public subscription

The fact that even Capital expenditure is allowable as deduction under section 42 itself shows that it overrides the provisions of section 37 of the Act. Thus, the scheme of the Act makes it clear that the provisions of section 42 would prevail over general provisions of computing the income contained in sections 30 to 38. Hence, in our opinion, the provisions of section 40 cannot be invoked where the income is to be computed under section 42 of the Act. Full Article

Certificate of Commencement of Business: Procedural Analysis The date of incorporation of a company may not be the date of commencement of business. A private company and a public limited company not having share capital are not required to comply with any other formalities and may commence its business activities immediately after obtaining the certificate of incorporation from the [...] Full Article