Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2017 (3) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (3) TMI 1390 - HC - Income TaxAllowing a new claim of deduction, being expenses incurred on issue of Foreign Currency Convertible Bonds - amount not claimed in the return of income filed by the assessee nor any revised return of income was filed by it for claiming the same - Held that:- The issue arising herein stands concluded against the Revenue and in favour of the Respondent-Assessee by the decision of this Court in CIT v/s. Pruthvi Brokers and Shareholders Pvt. Ltd. [2012 (7) TMI 158 - BOMBAY HIGH COURT ] as held that The appellate authorities have the discretion whether or not to permit such additional claims to be raised. - Decided in favour of assessee Allowance of expenditure incurred on issue of Foreign Currency Convertible Bonds (FCCB) - Held that:- FCCBs expenditure incurred by it on the issue of bonds as on the date of its issue is expenditure incurred to obtain a loan. In such circumstances, even if the FCCB are convertible into equity at a later date, yet on the date of its issue, it is a loan. Therefore, expenditure incurred thereon is revenue in nature. See CIT v/s. Secure Meters Ltd. [2008 (11) TMI 66 - HIGH COURT RAJASTHAN ] - Decided in favour of assessee
|