Delhi High Court Orders Reconsideration of Equity Share Capital Expenses

The High Court of Delhi directed the Income-tax Appellate Tribunal to consider the allowance of expenses related to raising equity share capital. The Tribunal was to determine if allowing 25% of total expenditure for issuing secured convertible debentures was justified. The petition was disposed of without costs.

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The High Court of Delhi directed the Income-tax Appellate Tribunal to refer a question regarding the allowance of expenses related to raising equity share capital. The Tribunal was asked if it was justified in allowing 25% of the total expenditure incurred by the assessee in issuing secured convertible debentures. The petition was disposed of with no costs.

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