https://www.taxtmi.com/caselaws?id=449772 ITAT Bangalore held that mine development expenditure incurred by assessee was allowable as revenue expenditure under Section 37(1) rather than Section 35E. The tribunal found that Section 35E applies only to mine owners or those in mineral prospecting business, which assessee was not. Since commercial production had commenced, Section 35E was inapplicable. The tribunal emphasized that revenue expenditure is deductible in full in the year incurred, regardless of accounting treatment under Company Act. Income computation must follow Income Tax Act provisions under Section 145, not company accounting policies. CIT(A)'s order allowing the deduction was upheld and revenue's appeal dismissed. en-us Thu, 08 Feb 2024 00:00:00 +0530 Tue, 20 Feb 2024 08:31:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449772 ITAT Bangalore held that mine development expenditure incurred by assessee was allowable as revenue expenditure under Section 37(1) rather than Section 35E. The tribunal found that Section 35E applies only to mine owners or those in mineral prospecting business, which assessee was not. Since commercial production had commenced, Section 35E was inapplicable. The tribunal emphasized that revenue expenditure is deductible in full in the year incurred, regardless of accounting treatment under Company Act. Income computation must follow Income Tax Act provisions under Section 145, not company accounting policies. CIT(A)'s order allowing the deduction was upheld and revenue's appeal dismissed. Case-Laws Income Tax Thu, 08 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449772