Preliminary expenses linked to a company's MoU objectives are deductible u/s 37(1) of the Income Tax Act.

Preliminary expenses linked to a company's MoU objectives are deductible u/s 37(1) of the Income Tax Act. https://www.taxtmi.com/highlights?id=45888 Commencement of business - allowability of expense u/s 37(1) - activity which are preliminary steps towards the fulfillment of the purpose as per MoU and if these steps were for the ultimate fulfillment of its purposes i.e preparation of development plans leading to the projects - it had set up its business - Expenses duly allowable en-us Mon, 15 Apr 2019 06:57:20 +0530 Mon, 15 Apr 2019 06:57:20 +0530 TaxTMI RSS Generator Preliminary expenses linked to a company's MoU objectives are deductible u/s 37(1) of the Income Tax Act. https://www.taxtmi.com/highlights?id=45888 Commencement of business - allowability of expense u/s 37(1) - activity which are preliminary steps towards the fulfillment of the purpose as per MoU and if these steps were for the ultimate fulfillment of its purposes i.e preparation of development plans leading to the projects - it had set up its business - Expenses duly allowable Highlights Income Tax Mon, 15 Apr 2019 06:57:20 +0530 https://www.taxtmi.com/highlights?id=45888