Exp. incurred for restoration of mines on SC’s direction allowable even if Govt. prohibited mining operations: ITAT

INCOME TAX : Where as per orders of State Government, assessee engaged in business of mining, was permitted to undertake only prospecting operations and not mining operation, and in meantime, Supreme Court directed assessee to make compensatory payments for restoration and rehabilation of mines, said mining expenditure would be revenue in nature and to be allowed as deduction under section 37(1)INCOME TAX : Where as per orders of State Government, assessee engaged in business of mining, was permitted to undertake only prospecting operations and not mining operation, and in meantime, Supreme Court directed assessee to make compensatory payments for restoration and rehabilation of mines, said mining expenditure would be revenue in nature and to be allowed as deduction under section 37(1)www.taxmann.com Latest Case LawsRead More

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