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2016 (9) TMI 1271 - HC - Income TaxAllowable revenue expenditure - expenditure pertaining to convertible debentures to be converted into shares issued for raising capital for unit which has not started production and was in the process of installation - Held that:- Admittedly the debentures when issued is a loan, and therefore, whether it is convertible, or nonconvertible, does not militate against the nature of the debenture, being loan, and therefore, the expenditure incurred would be admissible as revenue expenditure. See case of Secure Meters Ltd [2008 (11) TMI 66 - HIGH COURT RAJASTHAN] - Decided in favour of assessee
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