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V. MMS Sdn Bhd was incorporated on 1 October 2019. The company was incorporated for manufacturing industrial chemicals. The first set of accounts was made
V. MMS Sdn Bhd was incorporated on 1 October 2019. The company was incorporated for manufacturing industrial chemicals. The first set of accounts was made up to 31 December 2020. During that period, the company had purchased some raw materials in anticipation that the price would increase and had also incurred administrative expenses of about RM100,000. As at year-end, the plant and machinery were still being constructed and would only be ready for use in February 2021. (10 marks) REQUIRED: For each of the above scenarios, explain the taxability of income OR deductibility of expenses in accordance with Income Tax Act 1967
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