https://www.taxtmi.com/caselaws?id=181243 The High Court of Bombay dismissed the appeal by the Revenue regarding the disallowance of interest paid on loans for business purposes and the deductibility of expenditure on partly convertible debentures. The court upheld the decisions of the Income Tax Appellate Tribunal and the Rajasthan High Court, respectively. The Tribunal's decision to allow the interest as per Section 36(1)(iii) and the High Court's ruling that debentures expenses are allowable as revenue expenditure were affirmed, citing relevant Supreme Court precedents. The Revenue's contentions were not entertained, and the appeal was dismissed without costs. en-us Mon, 05 Nov 2012 00:00:00 +0530 Mon, 11 Apr 2016 17:33:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181243 The High Court of Bombay dismissed the appeal by the Revenue regarding the disallowance of interest paid on loans for business purposes and the deductibility of expenditure on partly convertible debentures. The court upheld the decisions of the Income Tax Appellate Tribunal and the Rajasthan High Court, respectively. The Tribunal's decision to allow the interest as per Section 36(1)(iii) and the High Court's ruling that debentures expenses are allowable as revenue expenditure were affirmed, citing relevant Supreme Court precedents. The Revenue's contentions were not entertained, and the appeal was dismissed without costs. Case-Laws Income Tax Mon, 05 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181243