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of <h1>Understanding 'Cost of the Project' in Section 35D of Income Tax Act 1961 for Business Assets and Development Expenditures.</h1> The 'Cost of the project' under section 35D of the Income Tax Act 1961 refers to the actual cost of fixed assets like land, buildings, leaseholds, plant, machinery, furniture, fittings, and railway sidings. This includes development expenditures shown in the assessee's books at the end of the previous year when the business commences or when an undertaking is extended or a new unit starts operation. The definition applies to assets acquired or developed for business commencement, undertaking extension, or new unit setup.
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