Guidelines for approval under proviso to clause (a) of sub-section (2) to concerns carrying out work in connection with preparation of feasibility/project report, etc., for the purposes of amortisation of preliminary expenses

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.... or a resident assessee, other than a company, before the commencement of business or in connection with the extension of an industrial undertaking or the setting up of a new industrial unit. The amortisation will be allowed against the profits of the Indian company or other resident assessee in ten equal instalments over a period of 10 years beginning with the previous year in which the business commences or, as the case may be, the previous year in which the extension of the industrial undertaking is completed or the new industrial unit commences production or operation. Such amortisation is allowed only in respect of expenditure incurred after March 31, 1970 under specified heads. One of the heads of the qualifying expenditure specified ....

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....been working in the field of consultancy services, at least for one year before the application is made and must have received professional fees exceeding Rs. 10,000 from at least one party in any year. (4) Approval under section 35D will be granted only to such consultancy concerns which produce income-tax clearance certificate from the Income-tax Department. 3. An application for approval for this purpose should be made in duplicate in the attached form [Annex]. The information furnished should be duly signed and certified to be correct by the person authorised to sign the return of income-tax on behalf of the applicant. Circular : No. 162A [F. No. 203/7/71-IT(A-II)], dated 27-5-1975. annex - APPLICATION FORM 1.  Parti....