https://www.taxtmi.com/caselaws?id=271699 The Tribunal held that the expenditure incurred by the assessee on the issue of Foreign Currency Convertible Bonds (FCCBs) should be treated as revenue expenditure under section 37(1) of the IT Act. The appeal of the assessee was allowed, emphasizing legal precedence and established principles governing such expenditures. The decision aligned with the India Cements case, establishing that the nature of expenditure for obtaining a loan does not depend on the loan's purpose, as confirmed by various High Courts and ITATs. en-us Wed, 10 Feb 2016 00:00:00 +0530 Fri, 12 Feb 2016 16:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271699 The Tribunal held that the expenditure incurred by the assessee on the issue of Foreign Currency Convertible Bonds (FCCBs) should be treated as revenue expenditure under section 37(1) of the IT Act. The appeal of the assessee was allowed, emphasizing legal precedence and established principles governing such expenditures. The decision aligned with the India Cements case, establishing that the nature of expenditure for obtaining a loan does not depend on the loan's purpose, as confirmed by various High Courts and ITATs. Case-Laws Income Tax Wed, 10 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271699