https://www.taxtmi.com/caselaws?id=183539 Expenditure incurred in issuing debentures to raise funds was treated as capital expenditure because the borrowing formed part of the business's capital structure rather than an ordinary trading outlay. The court distinguished money raised on a permanent or capital footing from short-term banking or trading accommodation, holding that the later use of the borrowed funds did not change the character of the borrowing itself. As a result, the debenture-issue expenditure was not deductible under section 10(2)(xv) of the Indian Income-tax Act, 1922. en-us Fri, 01 Jan 1960 00:00:00 +0530 Mon, 13 Jun 2016 17:55:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183539 Expenditure incurred in issuing debentures to raise funds was treated as capital expenditure because the borrowing formed part of the business's capital structure rather than an ordinary trading outlay. The court distinguished money raised on a permanent or capital footing from short-term banking or trading accommodation, holding that the later use of the borrowed funds did not change the character of the borrowing itself. As a result, the debenture-issue expenditure was not deductible under section 10(2)(xv) of the Indian Income-tax Act, 1922. Case-Laws Income Tax Fri, 01 Jan 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183539