https://www.taxtmi.com/caselaws?id=5591 SC held that a discount on debentures constitutes expenditure incurred in the course of business and must be spread over the life of the debentures. The liability to pay the discounted amount, though incurred on issue, secures a continuing benefit and is properly written off proportionately over the relevant period. The taxpayer was therefore entitled to deduct only the apportioned part of the discount for the assessment year; the remaining balance could not be deducted in that year. en-us Fri, 04 Apr 1997 00:00:00 +0530 Mon, 13 Oct 2025 16:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5591 SC held that a discount on debentures constitutes expenditure incurred in the course of business and must be spread over the life of the debentures. The liability to pay the discounted amount, though incurred on issue, secures a continuing benefit and is properly written off proportionately over the relevant period. The taxpayer was therefore entitled to deduct only the apportioned part of the discount for the assessment year; the remaining balance could not be deducted in that year. Case-Laws Income Tax Fri, 04 Apr 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5591