Sec 35(1)(ii)
This query is : Open
Puneet Goyal
(Querist)
28 May 2014
can you give any legal reference where it is mentioned that Sec 35(1)(ii) deduction is available to assessee carrying business or profession
CA Nilesh P. Kanodia
(Expert)
28 May 2014
Dear Mr. Puneet,
As per sec. 35(1)(ii) of Income tax scientific capital expenditure is allowed as deduction @ 175% of amount of expenditure subject to donation is made to approved institute or organization for research and development, whether related to business or not.
Deduction will be allow in year of donation and up to the availability of profitability or remaining amount will be allowed in subsequent year and so on.
this below case may help you:
1) SHRIRAM SCIENTIFIC & INDUSTRIAL RESEARCH FOUNDATION V/s CENTRAL BOARD OF DIRECT TAXES - Decision by Delhi High Court
2) DHARA VEGETABLE OIL & FOODS CO LTD V/s DEPUTY COMMISSIONER OF INCOME TAX - Decision by Guajarat High Court
As per sec. 35(1)(ii) of Income tax scientific capital expenditure is allowed as deduction @ 175% of amount of expenditure subject to donation is made to approved institute or organization for research and development, whether related to business or not.
Deduction will be allow in year of donation and up to the availability of profitability or remaining amount will be allowed in subsequent year and so on.
this below case may help you:
1) SHRIRAM SCIENTIFIC & INDUSTRIAL RESEARCH FOUNDATION V/s CENTRAL BOARD OF DIRECT TAXES - Decision by Delhi High Court
2) DHARA VEGETABLE OIL & FOODS CO LTD V/s DEPUTY COMMISSIONER OF INCOME TAX - Decision by Guajarat High Court
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Amount transferred in HUF Account
- Nursery business
- Working on Gold wastage during Melting of old gold jewellery
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- GST input credit on commercial property
- Gift to nri relatives residing in usa
- Section 269ST applicability for capital introduced by partner to his partnership firm
- ETDS return q4 25-26
- GSTR-9C filing
- Royalty payments to the Mining Department for procurement of murum - GST input
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
