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Tribunal Upholds Claim to Deduct 1/5th of Mine Development Costs Annually as Deferred Revenue Expenditure.
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....Mine development expenses - deferred revenue expenditure - Though there is no reference in the Income-tax Act, 1961, the accounting principle recognizes such claim proportionately. Therefore, this Tribunal is of the considered opinion that the assessee has rightly claimed 1/5th of the expenditure during the year - AT....