Amendment to amortisation of preliminary expenses requires prescribed disclosure of expenditure particulars to tax authorities for compliance. The amendment requires that an assessee claiming amortisation for preliminary expenses specified in clause (a) of sub section (2) of section 35D must furnish a statement containing particulars of those expenditures to the income tax authority within such period, and in such form and manner, as may be prescribed, making this prescribed disclosure the operative compliance requirement for recognising amortisation.
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Provisions expressly mentioned in the judgment/order text.
Amendment to amortisation of preliminary expenses requires prescribed disclosure of expenditure particulars to tax authorities for compliance.
The amendment requires that an assessee claiming amortisation for preliminary expenses specified in clause (a) of sub section (2) of section 35D must furnish a statement containing particulars of those expenditures to the income tax authority within such period, and in such form and manner, as may be prescribed, making this prescribed disclosure the operative compliance requirement for recognising amortisation.
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