https://www.taxtmi.com/caselaws?id=77678 The High Court held that expenditure incurred on the issue of debentures was essential for business operations and allowable under section 37 of the Income-tax Act, 1961. The court rejected the Revenue's argument that the expenditure should not be allowed due to potential conversion of debentures into shares in the future. Relying on precedent and emphasizing the necessity of raising funds for business, the court ruled in favor of the assessee, disposing of the reference in favor of the assessee and against the Revenue. en-us Wed, 29 Jul 2009 00:00:00 +0530 Mon, 04 Oct 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=77678 The High Court held that expenditure incurred on the issue of debentures was essential for business operations and allowable under section 37 of the Income-tax Act, 1961. The court rejected the Revenue's argument that the expenditure should not be allowed due to potential conversion of debentures into shares in the future. Relying on precedent and emphasizing the necessity of raising funds for business, the court ruled in favor of the assessee, disposing of the reference in favor of the assessee and against the Revenue. Case-Laws Income Tax Wed, 29 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=77678