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2017 (5) TMI 1407 - AT - Income TaxExpenditure on issue of debentures - Allowable revenue expenditure - Held that:- Rajasthan High Court in the case of CIT v. Secure Meters Ltd. [2008 (11) TMI 66 - HIGH COURT RAJASTHAN ] fairly concluded that debenture when issued is a loan, and, therefore, whether it is convertible or non-convertible, does not militate against the nature of the debenture, being loan, and therefore the expenditure incurred would be admissible as revenue expenditure. Issue is squarely covered in favour of the assessee. Disallowance of sponsorship charges - Held that:- As find that the claim of assessee was denied for want of evidence of the expenditure incurred on account of sponsorship. During the course of hearing, no evidence is filed before the Tribunal, therefore find no infirmity in the order of CIT(Appeals). Accordingly, the order of CIT(Appeals) is confirmed in this regard. - Decided against assessee.
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