Section 35 D
This query is : Resolved
13 January 2010
A domestic company assessee is engaged in the business of construction and sale of multiple story building and complexes. Can they be treated as an 'UNDERTAKING' for the purpose of section 35 D of the Income tax Act,1961.
14 January 2010
The words in section 35D industrial has been omitted w. e. f. 01.04.2008. Hence now any company shall be treated as undertaking for the purpose of section 35 D of the Income tax Act,1961
18 January 2010
(1) Where an assessee, being an Indian company or a person (other than
a company) who is resident in India, incurs, after the 31st day of March,
1970, any expenditure specified in sub-section (2),—
(i) before the commencement of his business, or
(ii) after the commencement of his business, in connection with the
extension of his 51[***] undertaking or in connection with his setting up
a new 51[***] unit,
the assessee shall, in accordance with and subject to the provisions of this section,
be allowed a deduction of an amount equal to one-tenth of such expenditure for
each of the ten successive previous years beginning with the previous year in
which the business commences or, as the case may be
a company) who is resident in India, incurs, after the 31st day of March,
1970, any expenditure specified in sub-section (2),—
(i) before the commencement of his business, or
(ii) after the commencement of his business, in connection with the
extension of his 51[***] undertaking or in connection with his setting up
a new 51[***] unit,
the assessee shall, in accordance with and subject to the provisions of this section,
be allowed a deduction of an amount equal to one-tenth of such expenditure for
each of the ten successive previous years beginning with the previous year in
which the business commences or, as the case may be
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