https://www.taxtmi.com/caselaws?id=206961 The court upheld the decision of the Income Tax Appellate Tribunal (ITAT) regarding the amortization of preliminary expenses under Section 35D for the assessment year 1998-99. The expenses were allowed to be amortized over ten years as they were incurred on the registration of the company before business operations began. The court also rejected the Revenue's appeal on the alleged excess consumption of sugar, highlighting the lack of concrete evidence. The issue of depreciation under Explanation 5 to Section 32(i) was deemed irrelevant due to the Assessee not claiming depreciation in previous years. The judgment dismissed the appeal concerning MODVAT credit in the valuation of closing stock based on previous case law. en-us Wed, 09 Mar 2011 00:00:00 +0530 Wed, 23 Nov 2011 08:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=206961 The court upheld the decision of the Income Tax Appellate Tribunal (ITAT) regarding the amortization of preliminary expenses under Section 35D for the assessment year 1998-99. The expenses were allowed to be amortized over ten years as they were incurred on the registration of the company before business operations began. The court also rejected the Revenue's appeal on the alleged excess consumption of sugar, highlighting the lack of concrete evidence. The issue of depreciation under Explanation 5 to Section 32(i) was deemed irrelevant due to the Assessee not claiming depreciation in previous years. The judgment dismissed the appeal concerning MODVAT credit in the valuation of closing stock based on previous case law. Case-Laws Income Tax Wed, 09 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=206961