expenses related to preferential allotment of equity shares
This query is : Resolved
21 January 2010
how to treat expenses related to preferential issue i.e fees paid to bse,nsdl,cdsl, fees to roc for increase of authorised capital etc. for income tax purpose.
whether we can treat them as deferred revenue and write off 1/5 in books
whether we can treat them as deferred revenue and write off 1/5 in books
21 January 2010
As per section 35D(2)(c)(iii) of the Income tax Act,1961 only fees paid for registration of a company is deductible. Fees paid for increase in share capital, not being fees for registration of the company, is not amortisable under this provision.
Citation :- CIT v. Hindustan Insecticides Ltd. [2001] 250 ITR 338 (Delhi).
Citation :- CIT v. Hindustan Insecticides Ltd. [2001] 250 ITR 338 (Delhi).
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