https://www.taxtmi.com/caselaws?id=204685 The High Court held that expenses incurred for convertible debentures should be treated as revenue expenditure, even if converted into shares later. Citing a Rajasthan High Court judgment, the court dismissed the Revenue's appeal, affirming the Income-tax Appellate Tribunal's decision. The court found no merit in distinguishing between non-convertible and convertible debentures, emphasizing that the expenditure should be treated as revenue, not capital. en-us Mon, 16 Nov 2009 00:00:00 +0530 Thu, 20 Dec 2012 10:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204685 The High Court held that expenses incurred for convertible debentures should be treated as revenue expenditure, even if converted into shares later. Citing a Rajasthan High Court judgment, the court dismissed the Revenue's appeal, affirming the Income-tax Appellate Tribunal's decision. The court found no merit in distinguishing between non-convertible and convertible debentures, emphasizing that the expenditure should be treated as revenue, not capital. Case-Laws Income Tax Mon, 16 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204685