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2013 (12) TMI 1361 - AT - Income TaxBond issue expenses - Capital or revenue in nature - Held that:- Following 'India Cement Ltd. vs. CIT [1965 (12) TMI 22 - SUPREME Court] - A loan obtained cannot be treated as an asset or an advantage for the enduring benefit of the business of the assessee; that where the borrowal was incidental to the carrying on of the assessee's business, the expenditure was for securing the use of the money for a certain period - The bond issued was not entitled for conversion into shares and that being so, raising of funds through such bond issue cannot be termed as raising of capital by issuance of shares - Decided against Revenue.
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