erred
in upholding the assessee's claim of deduction u/s. 35AD of the Act without
2 M/s. Ihsedu Agrochem ... SILO for
captive purposes in contravention of the provisions of S 35AD which provides for
deduction in respect of "Specified Business
Section 35AC deals with
expenditure on eligible projects or schemes and section 35AD
deals with deduction in respect of expenditure on specified
business. We have
such capital asset has been allowed as a deduction under Section 35AD .
Explanation 1.[Omitted by the Direct Tax Laws (Amendment
expenditure has been allowed or is allowable as a
deduction under section 35AD, nil; and
(c) in the case of other assets, the book value ... which the whole
expenditure has been allowed as a deduction under Section 35AD of the Act;
and clause (c) is a residuary clause in respect
such capital asset has been
allowed as a deduction under section 35AD .]
Explanation 1.--[Omitted by the Direct Tax Laws (Amendment
speculation business;
(ii) Loss from a specified business under sec. 35AD ;
(iii) Loss from the activity of owning and maintaining race horses;
(iv) Long term
Section 35AC deals with
expenditure on eligible projects or schemes and section 35AD
deals with deduction in respect of expenditure on specified
business. We have
Section 35AC deals with
expenditure on eligible projects or schemes and section 35AD
deals with deduction in respect of expenditure on specified
business. We have
Section 35AC deals with
expenditure on eligible projects or schemes and section 35AD
deals with deduction in respect of expenditure on specified
business. We have
Section 35AC deals with
expenditure on eligible projects or schemes and section 35AD
deals with deduction in respect of expenditure on specified
business. We have
