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2006 (2) TMI 102 - HC - Income TaxAppeal to tribunal - "Whether Tribunal was right in law in not condoning the delay for submission of the cross-objection and in further holding that such a ground cannot be raised for the first time before the Tribunal in the form of a belated cross-objection in respect of a point which was admittedly not the subject-matter of assessment order passed by the Assessing Officer nor it was the subject-matter of appeal decided by the Commissioner of Income-tax (Appeals)?" - The first part of the aforesaid question requires to be answered in the affirmative, i.e., the Tribunal was right in law in not condoning the delay in filing the cross-objection, i.e., in favour of the Revenue and against the assessee. Second part of the question is left unanswered - Tribunal was right in holding that share issue expenses is capital expenditure - Tribunal was right holding that the fees paid to the Registrar of Companies for increasing the share capital of the company is capital expenditure - Tribunal was right in holding that the prospectus report fee for new issue of shares is capital expenditure - amalgamation expenses and liquidation expenses of winding up are capital expenditure
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