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2015 (3) TMI 502 - BOMBAY HIGH COURTDepreciation on a part of issue of shares capitalised to Plant & Machinery and factory equipment denied - Held that:- As relying on Commissioner of Income Tax Vs. Mahindra Ugine and Steel Co.Ltd. [2000 (2) TMI 26 - BOMBAY High Court] the expenditure as incurred by the assessee in the present case can very well be said to fall within the provisions of Section 35D of the Act which provides for amortisation of certain preliminary expenses which includes expenditure in connection with the issue, for public subscription, of shares in debentures. Thus there is independent provision for amortisation expenses in connection with share issue expenses. Under the circumstances, we agree in disallowing the depreciation on the amount capitalized. - Decided in favour of revenue.
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