16 June 2011
WHERE WILL THE EXPENDITURE INCURRED ON INCREASE IN AUTHORISED SHARE CAPITAL BE SHOWN IN THE FINANCIAL STATEMENT OF AN EXISTING COMPANY????
IS THERE ANY DEDUCTION AVAILABLE FOR THE ABOVE MENTIONED EXPENDITURE OTHER THAN THAT MENTIONED U/S 35 D OF INCOME TAX ACT
17 June 2011
Pl debit the amount in profit and loss account and disallow for the purpose of tax computation since not deductible under section 37(1) but deductible under section 35D of The Income tax Act,1961.
Citation:- Punjab State Industrial Development Corporation Ltd 225 ITR 792 (SC).