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2012 (10) TMI 711 - ITAT MUMBAIDisallowance of expenditure u/s 35D - Whether fee paid for increase in share capital is eligible u/s 35D – Held that:- Following the decision in case of Punjab State Industrial Development Corporation Ltd.(1996 (12) TMI 6 - SUPREME COURT) expenditure incurred by a company in connection with issue of shares with a view to increase its share capital is directly related to the expansion of the capital base of the company and is capital expenditure even though it may incidentally help in the business of the company and in the profit making. As the fee paid for increase in share capital is not fee for registration of company and hence is not amortised even u/s 35D(2)(c)(iii). - Appeal decides in favour of revenue
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