https://www.taxtmi.com/caselaws?id=179543 The Tribunal upheld the CIT(A)'s decisions in the case, allowing the interest on Share Application Money (SAM) as a deductible expense and including prior period expenditure in the computation of book profit under section 115JB of the Income Tax Act. The Tribunal dismissed the Revenue's appeal, affirming that SAM creates a debtor-creditor relationship until share allotment and that prior period expenses should be considered in determining net profit. en-us Wed, 31 Mar 2010 00:00:00 +0530 Tue, 15 Mar 2016 15:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179543 The Tribunal upheld the CIT(A)'s decisions in the case, allowing the interest on Share Application Money (SAM) as a deductible expense and including prior period expenditure in the computation of book profit under section 115JB of the Income Tax Act. The Tribunal dismissed the Revenue's appeal, affirming that SAM creates a debtor-creditor relationship until share allotment and that prior period expenses should be considered in determining net profit. Case-Laws Income Tax Wed, 31 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179543