INCOME TAX : Where assessee-company formed to undertake business of exploration and extraction of minerals claimed expenditure incurred by it as business loss, which was disallowed by Assessing Officer on ground that assessee had not yet started commercial production, since section 35E would be applicable to assessee which provides for accumulation of expenses rather than treating expenses as business loss and same was not examined by Assessing Officer,INCOME TAX : Where assessee-company formed to undertake business of exploration and extraction of minerals claimed expenditure incurred by it as business loss, which was disallowed by Assessing Officer on ground that assessee had not yet started commercial production, since section 35E would be applicable to assessee which provides for accumulation of expenses rather than treating expenses as business loss and same was not examined by Assessing Officer,www.taxmann.com Latest Case LawsRead More
