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2013 (8) TMI 814 - AT - Income TaxDeduction u/s 37 - Stamping fee and ROC fee for increase in authorized share capital - CIT disallowed deduction - Held that:- , these two expenses are incurred for authorized share capital, and hence even after call off of public issue by the assessee, the benefit is available to the assessee in respect of this increase in authorized share capital, and hence these expenses cannot be said to be expenses in connection with right issue and public issue, and therefore these expenses are to be disallowed - Following decision of Brooke Bond India Limited Versus Commissioner of Income-Tax [1997 (2) TMI 11 - SUPREME Court] - Decided against assessee. Deduction u/s 37 - Expenditure for raising capital through composite issue - CIT disallowed deduction - Held that:- With the approval of SEBI, the assessee was to increase the share capital and thereby promote its business activity. However, the same got aborted due to reasons beyond its control - Following decision of Commissioner of Income Tax Vs. M/s. Essar Oil Limited [2008 (10) TMI 387 - Bombay High Court] - Decided in favour of assessee.
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