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2015 (11) TMI 301 - HC - Income TaxEntitlement to Issue Management Expenses - Held that:- It is not in dispute that in CIT v. Havels India Ltd.[2012 (5) TMI 604 - DELHI HIGH COURT] this Court has held that “the expenditure incurred in connection with issue of debentures or obtaining loan” should be considered as revenue expenditure. In the present case the expenditure incurred is in relation to issuance of convertible bonds. Accordingly, the question framed is answered in the affirmative i.e. in favour of the Assessee and against the Revenue. Additions made on the basis of the show cause notices without the AO conducting any independent enquiry could not be sustained.
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