Allowability of deduction u/s 35ad
This query is : Resolved
saurabh jain
(Querist)
02 September 2016
Whether deduction u/s 35AD is allowable only upto the year in which specified business is commenced or for every year in which capital expenditure is incurred for such specified business."
Please provide the case law to support answer, if one can provide.
Thanks in Advance.
Please provide the case law to support answer, if one can provide.
Thanks in Advance.
Unnikrishnan B
(Expert)
02 September 2016
Dear Sourabh jain,
My opinion is that 35AD is a capital expenditure which is occurred for setting up some specified business .deduction can be claimed from the commencement of business.so any expenditure occurred prior to commencement can be claimed in the year of commencement .it is one time deduction .you can carry forward the loss due to this deduction .and the asset should be used for the specified business for 8years
So my oppiniin it is one time deduction.Kindly verify the books you may get better answer
Thank you
My opinion is that 35AD is a capital expenditure which is occurred for setting up some specified business .deduction can be claimed from the commencement of business.so any expenditure occurred prior to commencement can be claimed in the year of commencement .it is one time deduction .you can carry forward the loss due to this deduction .and the asset should be used for the specified business for 8years
So my oppiniin it is one time deduction.Kindly verify the books you may get better answer
Thank you
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