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2016 (9) TMI 1187 - GUJARAT HIGH COURT

2016 (9) TMI 1187 - GUJARAT HIGH COURT - TMI - Expenditure on the issue of convertible debentures - nature of expenditure - revenue or capital expenditure - Held that:- In the present case, a part of the convertible debentures has been converted into equity shares, for which the assessee has incurred expenses. According to the assessee, the expenses incurred were in respect of issuance of convertible debentures. The facts indicate that a portion of the convertible debentures was converted into e .....

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pellant Mr M.R. Bhatt, Sr. Advocate With Mrs Mauna M bhatt, Advocate for the Opponent JUDGMENT ( Per : Honourable Mr. Justice KS Jhaveri ) 1. This Tax Appeal under Section 260A of the Income-tax Act, 1961 is filed against the order dated 24.03.2006 passed by the Income Tax Appellate Tribunal, Ahmedabad Bench B (Special Bench) in ITA No.831/Ahd/1998 raising the following substantial question of law: Whether in the facts and circumstances of the case, the Income tax Appellate Tribunal was right in .....

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to be compulsorily converted into one equity share of the face value of ₹ 10 each at a premium of ₹ 30 per share on the expiry of 15 months from the date of allotment of the debenture. A sum of ₹ 77,26,999/was incurred by the assessee for issuing these debentures. It was set off against the share premium in the books of accounts but was claimed in the computation of income as a deduction. The Assessing Officer disallowed the claim of the assessee vide order dated 25.03.1997. 3 .....

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