Three truths and a shattered illusion
When the Asian crisis was at its peak, we missed it by a wide margin. We cheered that we were better off than the "tigers".

Real cost of venture-capital funds is high
Spurred by the rapid growth in information technology industry in India as well as by the confidence based on this industry by the capital markets, further growth in this industry particularly by newly setup units is inevitable.

Expenditure incurred must relate to profit-earning apparatus
Any revenue expenditure which is incurred for the purpose of business is deductible. Section 37 of the Income-tax Act, 1961 permits set-off of expenses which are laid out or expended wholly and exclusively for the purpose of the business or profession.

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