https://www.taxtmi.com/caselaws?id=238886 The Tribunal allowed the appeal, holding that the discount on debentures is an allowable business expenditure and no disallowance under section 14A is warranted. The Tribunal emphasized that the debenture discount was incurred for business/commercial expediency, referencing judicial precedents supporting the deductibility of such expenses. The decision overturned the lower authorities' disallowances and clarified that Rule 8D was not applicable for the assessment year, rejecting the presumption of dividend income from convertible loans. en-us Fri, 06 Sep 2013 00:00:00 +0530 Sat, 02 Nov 2013 06:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238886 The Tribunal allowed the appeal, holding that the discount on debentures is an allowable business expenditure and no disallowance under section 14A is warranted. The Tribunal emphasized that the debenture discount was incurred for business/commercial expediency, referencing judicial precedents supporting the deductibility of such expenses. The decision overturned the lower authorities' disallowances and clarified that Rule 8D was not applicable for the assessment year, rejecting the presumption of dividend income from convertible loans. Case-Laws Income Tax Fri, 06 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238886