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Mining prospecting expense- revenue or capital??

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(Querist)
22 September 2012 Mining prospecting expenses is revenue or capital in nature under two circumstances:

a) Prospecting is not fruitfull.

b) Prospecting is fruitfull.
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CA. Vikash Dwivedi

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CA. Vikash Dwivedi (Expert)
22 September 2012 Not sure, just sharing my views so that you can think from that point of view.
i would co-relate mining prospect with R&D kind of expense. where you carry out some research on feasiblyt of product and this research cost is Expnsed off whether fruitfull or not (AS-26 Intangible assets) Development cost is amortised over a period of time.

lets wait for some more replies.
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CA Navinkumar Mishra

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CA Navinkumar Mishra (Querist)
22 September 2012 Sir i want answer from tax point of view for deduction purpose.
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CA. Vikash Dwivedi

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CA. Vikash Dwivedi (Expert)
22 September 2012 its been long time hard to remember yet i can recall section 35 in income tax deals with Resrch & Dev exp.
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