Discount on bond issue not deductible as expenditure, prior allowances must be withdrawn and recovered. Amount of discount on issue of bonds cannot be treated as an expenditure where no payment out has occurred; the earlier Board instruction allowing such discount as a deductible loss is withdrawn and income tax officers must withdraw amounts previously allowed and take remedial action.
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Provisions expressly mentioned in the judgment/order text.
Discount on bond issue not deductible as expenditure, prior allowances must be withdrawn and recovered.
Amount of discount on issue of bonds cannot be treated as an expenditure where no payment out has occurred; the earlier Board instruction allowing such discount as a deductible loss is withdrawn and income tax officers must withdraw amounts previously allowed and take remedial action.
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