1980 (1) TMI 32

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..... rence under s. 256(1) of the I.T. Act, 1961, at the instance of M/s. Bharat Carbon Ribbon Manufacturing Co. Ltd., New Delhi (hereinafter referred to as " the assessee "). During the previous year which ended on December 31, 1962, relevant for the assessment year 1963-64, the assessee increased its authorised capital form rupees twenty-five lakhs to rupees one crore and for doing so it paid regis .....

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..... enditure had been incurred by the assessee with a view to increase its authorised capital. It was held in the case of lit re Tata Iron and Steel Co. Ltd. [1921] 1 ITC 125 (Bom) that an expenditure incurred by the company as under-writing commission pal in connection with an issue of preference shares by the company was of capital nature. Referring to this decision the Supreme Court pointed out in .....

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