Indo Gold Mines (P.) Ltd. v. DCIT (2021) 190 ITD 862 / 89 ITR 42 (SN) (Bang.)(Trib.)

S. 35E : Expenditure on prospecting-Minerals-Business loss-Accumulation of expenses-Matter remanded. [S. 37(1)]

Tribunal held that since activity of exploration and extraction of minerals is a long process, assessee would be entitled for deduction of revenue expenses once business is set up and generation of revenue could not be criteria for determining date of setting up of business. The Assessing Officer had not examined case of assessee in terms of section 35E, matter was to be remanded for fresh consideration.  (AY. 2012-13, 2013-14)