https://www.taxtmi.com/caselaws?id=186029 The High Court affirmed the Assessing Officer's decision to disallow the Assessee's claim for deduction under section 35D for expenditure reimbursed to promoters after 31st March 1970, despite being initially incurred by the promoters before 1.4.1970. The Court emphasized the statutory bar against deductions for expenses incurred before the specified date and clarified the distinction between pre and post-incorporation liabilities in determining eligibility for deductions. Additionally, the Court referenced precedent to support the Assessee's entitlement to development rebate on specific amounts, ultimately emphasizing the importance of statutory provisions and timing of expenditure in relation to incorporation and liability acceptance. en-us Mon, 05 Mar 2012 00:00:00 +0530 Tue, 06 Sep 2016 12:26:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186029 The High Court affirmed the Assessing Officer's decision to disallow the Assessee's claim for deduction under section 35D for expenditure reimbursed to promoters after 31st March 1970, despite being initially incurred by the promoters before 1.4.1970. The Court emphasized the statutory bar against deductions for expenses incurred before the specified date and clarified the distinction between pre and post-incorporation liabilities in determining eligibility for deductions. Additionally, the Court referenced precedent to support the Assessee's entitlement to development rebate on specific amounts, ultimately emphasizing the importance of statutory provisions and timing of expenditure in relation to incorporation and liability acceptance. Case-Laws Income Tax Mon, 05 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186029