Recourse to residuary provision 37(1) not justified as provision u/s. 35D for amortization of preliminary expense exists

DCIT Vs Eureka Forbes Ltd. (ITAT Kolkata) ITAT Kolkata held that professional fees for works related to acquisition of new unit or expansion of existing undertaking is governed by provisions of section 35D of the Income Tax Act. Thus, since there is a specific provision u/s. 35D for amortization of certain preliminary expenses, the recourse could not have been had to the residuary provision of section 37(1) of the Act. Facts- The assessee is a company engaged in the business of trading and servicing of vacuum cleaners, water filters cum purifiers, water & waste water treatment plant, elec...