https://www.taxtmi.com/caselaws?id=255507 The court dismissed the appeal, aligning with the Gujarat High Court's precedent that expenditure on convertible debentures is capital expenditure. However, acknowledging the differing views among High Courts, the court granted a certificate of fitness to the assessee to appeal to the Apex Court. The appeal was dismissed, but the assessee was granted the certificate to approach the Supreme Court. No order as to costs was made. en-us Mon, 22 Dec 2014 00:00:00 +0530 Mon, 19 Jan 2015 08:21:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255507 The court dismissed the appeal, aligning with the Gujarat High Court's precedent that expenditure on convertible debentures is capital expenditure. However, acknowledging the differing views among High Courts, the court granted a certificate of fitness to the assessee to appeal to the Apex Court. The appeal was dismissed, but the assessee was granted the certificate to approach the Supreme Court. No order as to costs was made. Case-Laws Income Tax Mon, 22 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255507