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New project losses

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(Querist)
19 October 2008 A co. already carrying on business starts a new project which will take more than 2 years.
Co. has started the project & incurring expenses but no revenue is generated whether it is feasible to charge all the expenses from profits of other business.

Is any text availble in this respect with conditions, if yes please let me know.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
19 October 2008 My view is do not charge the expenses of the new project,till its completion,against the profits of other business. Pl debit the expenses in project development account and capitalize till its completion.
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
20 October 2008 The expenditure as Mr.Warrier had said is to be accumulated as preoperative till operations commence. The expenditure has to be capitalised to various assets the project has created on a suitable basis.
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