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Amortization of Preliminary expenses

Court :

Brief :
Case Fact: Whether interest earned on share application money can be set off with Public issue expenses?

Citation :
Commissioner of Income Tax Vs. Neha Proteins Limited

Decision: Held by the Hon`ble Court that, interest accrued on the share application money, under the mandate of section 73 of companies Act was lying with bank is not taxable as" Income form other sources " and adjusting against the public issue expenses is rightly as per the provisions of section 35D of the Income tax 1961

CA. A. Kumar
on 11 January 2009
Published in Income Tax
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