Research and development expenses u/s 37(1)
This query is : Resolved
23 August 2013
An Individual who is a Pharma Researcher claimed expenditure incurred for development and testing a pharma formulation. He has given the formula for manufacturing on contract basis and sold the same and earned some profit. Can he claim the expenditure incurred on development U/S 37(1) against the above income from Sale.
23 August 2013
If it is a capital expenditure then will not be allowed u/s 37(1).
If it is rev expenditure then will be allowed.
If it is rev expenditure then will be allowed.
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