Share issue expenses can be claimed u/s 35D by banks as preliminary expenses

Dhanalakshmi Bank Ltd. Vs CIT (Kerala High Court)

Conclusion: Deduction under section 35D for amortisation of preliminary expenses in connection with the issue of shares for public subscription was allowable to assessee bank extending financial services.

Held: AO denied deduction under section 35D on the ground that assessee was a bank extending financial services and not an industrial undertaking therefore, it would not be entitled to amortisation of preliminary expenses in connection with the

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