https://www.taxtmi.com/caselaws?id=333386 The High Court ruled in favor of the assessee, holding that the preliminary expenses incurred for a rights issue of shares were eligible for amortization under Section 35D(2)(c)(iv) of the Income Tax Act. The court determined that a rights issue to existing shareholders qualifies as "public subscription," emphasizing that the term "public" is not specifically defined in the Act. Additionally, the court allowed the expenses related to the rights issue to be deducted under Section 35D, stating that benefiting a section of the public constitutes serving a charitable purpose. en-us Fri, 26 Aug 2016 00:00:00 +0530 Wed, 12 Oct 2016 17:08:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333386 The High Court ruled in favor of the assessee, holding that the preliminary expenses incurred for a rights issue of shares were eligible for amortization under Section 35D(2)(c)(iv) of the Income Tax Act. The court determined that a rights issue to existing shareholders qualifies as "public subscription," emphasizing that the term "public" is not specifically defined in the Act. Additionally, the court allowed the expenses related to the rights issue to be deducted under Section 35D, stating that benefiting a section of the public constitutes serving a charitable purpose. Case-Laws Income Tax Fri, 26 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333386