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Non-prospecting related expenditure incurred prior to commencement of mining is deductible u/s. 37 of the Income-tax Act
Case Law Details
- Case Name
- De Beers India Prospecting Pvt. Ltd. Vs. Income Tax Officer (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2001- 02 to 2003- 04
- Courts
- All ITAT, ITAT Mumbai
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De Beers India Prospecting Pvt. Ltd. Vs. Income Tax Officer (ITAT Mumbai)- it was held that prospecting and examining are important activities to undertake mining. Accordingly, it can be concluded that the taxpayer had commenced its business from the time it started the prospecting activity and therefore, non-prospecting related expenditure is deductible under Section 37 of the Income-tax Act, 1961 (the Act) even though it was incurred prior to commencement of mining.
INCOME TAX APPELLATE TRIBUNAL, MUMBAI
De Beers India Prospecting Pvt.Ltd Vs. Income Tax Officer
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