https://www.taxtmi.com/caselaws?id=259353 The Court ruled in favor of the revenue, dismissing the appeal and upholding the assessing officer's decision regarding the deduction of share issue expenses under Section 35D of the Income Tax Act, 1961. The Court clarified that the deduction amount cannot be varied in subsequent years after being fixed initially, emphasizing the statutory limit of 2.5% of the total capital employed set by sub-section 3 of Section 35D. The judgment underscored the importance of adhering to statutory provisions and the independence of each assessment year's consideration. en-us Mon, 20 Apr 2015 00:00:00 +0530 Fri, 08 May 2015 08:14:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259353 The Court ruled in favor of the revenue, dismissing the appeal and upholding the assessing officer's decision regarding the deduction of share issue expenses under Section 35D of the Income Tax Act, 1961. The Court clarified that the deduction amount cannot be varied in subsequent years after being fixed initially, emphasizing the statutory limit of 2.5% of the total capital employed set by sub-section 3 of Section 35D. The judgment underscored the importance of adhering to statutory provisions and the independence of each assessment year's consideration. Case-Laws Income Tax Mon, 20 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259353