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2016 (2) TMI 404 - AT - Income TaxExpenditure incurred on the issue of Foreign Currency Convertible Bonds (“FCCB”) - capital expenditure OR revenue expenditure - Held that:- A’ Bench of this Tribunal at Bangalore in the case of M/s. Crane Software International Ltd., Bangalore vs. DCIT, Circle-11(2) (2011 (2) TMI 1414 - ITAT BANGALORE), has considered whether FCCB issue expenses are in the nature of capital or revenue and has held the same to be revenue in nature. Similar view has been expressed in the cases of CIT vs. Havells India Ltd., (2012 (5) TMI 449 - DELHI HIGH COURT ) and also DCIT vs. UAG Builders (P.) Ltd., Delhi (2012 (9) TMI 764 - ITAT DELHI ). We, therefore, find that this issue is fairly covered by the above cited decisions. Hence, we hold that the expenditure incurred by the assessee on issue of FCCB is revenue expenditure allowable under section 37(1) of the I.T. Act. - Decided in favour of assessee
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