Section 35D

Section 35D Amortization of preliminary expenditure

Income Tax - Article explains Category of the person eligible for claiming deduction under section 35D, The extent of deduction allowable under section 35D, List of preliminary expenditure allowable as a deduction under section 35D and Some noteworthy points related to deduction under section 35D. Amortization of preliminary expenditure is allowed as ...

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Income Tax Law Relating To Cash Transactions

Income Tax - A number of new provisions have been introduced in the Income Tax Act from time to time to put restrictions on cash transactions as well as to incentivise the non-cash transactions. Cash transactions have always played a major role in the Indian Economy and consistently were responsible for generation and accumulation of Black Money. The ...

Read More

Restrictions on Cash Transactions under Income Tax Act, 1961

Income Tax - In order to restrict cash transactions, the government has come out with several provisions and related rules to prohibit various types of cash payments in the Finance Acts. The effects of restrictions under provisions of income tax act are as follows: Restrict cash transactions by disallowances of expenses or deduction under chapter VIA ...

Read More

Section 35D of Income Tax Act

Income Tax - Section 35D of Income Tax Act provides for Amortisation of preliminary expenses. As per Section 35D, any capital expenditure did before the commencement of operation of specified business then such expenditure is allowable as a deduction under the income tax in 5 equal annual installments subject to the fulfilment of different conditions ...

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Section 35D of Income Tax Act 1961

Income Tax - Section 35D of the Income Tax Act, 1961 deals with the Amortization of Expenditure incurred in respect of Preliminary Expenses. Preliminary Expenses: These are those expenses which are incurred for setting up of new business i.e., before commencement,  or for extension of existing undertaking or in connection with setting up of a new uni...

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Section 35D: ROC expense for increase of share capital allowable

Ocimum Bio Solutions India Ltd. Vs DCIT (ITAT Hyderabad) - Ocimum Bio Solutions India Ltd. Vs DCIT (ITAT Hyderabad) On perusal of the financial statements submitted by the assessee, we find that there is no doubt that the assessee has increased share capital. On perusal of the provisions of section 35D, we find substance in the written synopsis submitted by...

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Stamp duty expense on IPO allowable under section 35D

CIT Vs Onmobile Global Ltd. (Karnataka High Court) - Whether, the Tribunal was justified in law in holding that the expenditure incurred in connection with the issue of IPO inter alia stamp duty is an allowable expenditure under section 35D of the I.T. Act...

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Section 35D applies to expenses incurred wholly & exclusively for amalgamation or demerger of an undertaking

Menarini india P.Ltd. Vs DCIT (ITAT Ahmedabad) - Menarini india P.Ltd. Vs DCIT (ITAT Ahmedabad) In the assessment proceedings, it was noticed by the AO that the assessee has claimed expenses of Rs.1,96,630/- and Rs.3,37,080/- against Tax Consultancy with Transaction Tax as “preparation of Amalgamation of MRPL with MIP” and “Lawyer fees for M...

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Mere Rejection of section 35D claim not amounts to Concealment of Income

DCIT Vs. ICICI Bank Ltd. (ITAT Mumbai) - DCIT Vs. ICICI Bank Ltd. (ITAT Mumbai) The issue under consideration is whether the CIT(A) is correct in deleting the penalty levied u/s 271(1)(c) on the disallowance of expenses made u/s.35D? ITAT states that, the assessee claimed deduction of preliminary expenses u/s 35D which was rejected by Ld.A...

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Section 35D benefit once granted in initial year cannot be denied in subsequent years

DCIT Vs Asian Hotels East Limited (ITAT Kolkata) - Once the claim under section 35D of the Act was accepted in the initial year i.e. AY 1995-96, then the clock had started running in favour of the assessee which was to continue for the entire period of ten years and the benefit once granted in the initial year could not be denied in the subsequent y...

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Recent Posts in "Section 35D"

Section 35D: ROC expense for increase of share capital allowable

Ocimum Bio Solutions India Ltd. Vs DCIT (ITAT Hyderabad)

Ocimum Bio Solutions India Ltd. Vs DCIT (ITAT Hyderabad) On perusal of the financial statements submitted by the assessee, we find that there is no doubt that the assessee has increased share capital. On perusal of the provisions of section 35D, we find substance in the written synopsis submitted by the ld. AR of the […]...

Read More

Section 35D Amortization of preliminary expenditure

Article explains Category of the person eligible for claiming deduction under section 35D, The extent of deduction allowable under section 35D, List of preliminary expenditure allowable as a deduction under section 35D and Some noteworthy points related to deduction under section 35D. Amortization of preliminary expenditure is allowed as ...

Read More
Posted Under: Income Tax |

Stamp duty expense on IPO allowable under section 35D

CIT Vs Onmobile Global Ltd. (Karnataka High Court)

Whether, the Tribunal was justified in law in holding that the expenditure incurred in connection with the issue of IPO inter alia stamp duty is an allowable expenditure under section 35D of the I.T. Act...

Read More

Section 35D applies to expenses incurred wholly & exclusively for amalgamation or demerger of an undertaking

Menarini india P.Ltd. Vs DCIT (ITAT Ahmedabad)

Menarini india P.Ltd. Vs DCIT (ITAT Ahmedabad) In the assessment proceedings, it was noticed by the AO that the assessee has claimed expenses of Rs.1,96,630/- and Rs.3,37,080/- against Tax Consultancy with Transaction Tax as “preparation of Amalgamation of MRPL with MIP” and “Lawyer fees for Merger” respectively as revenue expense...

Read More

Mere Rejection of section 35D claim not amounts to Concealment of Income

DCIT Vs. ICICI Bank Ltd. (ITAT Mumbai)

DCIT Vs. ICICI Bank Ltd. (ITAT Mumbai) The issue under consideration is whether the CIT(A) is correct in deleting the penalty levied u/s 271(1)(c) on the disallowance of expenses made u/s.35D? ITAT states that, the assessee claimed deduction of preliminary expenses u/s 35D which was rejected by Ld.AO in terms of decision of Hon’ble Madr...

Read More

Section 35D benefit once granted in initial year cannot be denied in subsequent years

DCIT Vs Asian Hotels East Limited (ITAT Kolkata)

Once the claim under section 35D of the Act was accepted in the initial year i.e. AY 1995-96, then the clock had started running in favour of the assessee which was to continue for the entire period of ten years and the benefit once granted in the initial year could not be denied in the subsequent years....

Read More

Income Tax Law Relating To Cash Transactions

A number of new provisions have been introduced in the Income Tax Act from time to time to put restrictions on cash transactions as well as to incentivise the non-cash transactions. Cash transactions have always played a major role in the Indian Economy and consistently were responsible for generation and accumulation of Black Money. The ...

Read More
Posted Under: Income Tax |

Restrictions on Cash Transactions under Income Tax Act, 1961

In order to restrict cash transactions, the government has come out with several provisions and related rules to prohibit various types of cash payments in the Finance Acts. The effects of restrictions under provisions of income tax act are as follows: Restrict cash transactions by disallowances of expenses or deduction under chapter VIA ...

Read More
Posted Under: Income Tax |

Expense on feasibility study for improving day to day working is allowable as revenue expenditure

JCIT (OSD) Vs Adani Logistics Ltd. (ITAT Ahmedabad)

JCIT (OSD) Vs Adani Logistics Ltd. (ITAT Ahmedabad) During the course of assessment proceedings the AO observed that the appellant has incurred an amount of Rs. 6,00,00,000/- on account of legal and professional fees paid to one M/s. Emerging India Investment Advisors Pvt. Ltd. It was further found by the Ld. AO that such expenditure [&he...

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Section 35D of Income Tax Act

Section 35D of Income Tax Act provides for Amortisation of preliminary expenses. As per Section 35D, any capital expenditure did before the commencement of operation of specified business then such expenditure is allowable as a deduction under the income tax in 5 equal annual installments subject to the fulfilment of different conditions ...

Read More
Posted Under: Income Tax |

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