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

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 .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X