https://www.taxtmi.com/caselaws?id=338937 The Appellate Tribunal ITAT Mumbai upheld the disallowance of share issue expenses under section 35D of the Act, as the expenditure to increase share capital was deemed capital in nature. However, the tribunal directed the Assessing Officer to delete the addition made towards the undervaluation of work-in-progress, as an increase in work-in-progress value should not impact business profit if interest income was already assessed separately. Consequently, the appeal was partly allowed in relation to the double addition of interest income in the assessment for the relevant assessment year. en-us Wed, 21 Dec 2016 00:00:00 +0530 Wed, 15 Feb 2017 07:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338937 The Appellate Tribunal ITAT Mumbai upheld the disallowance of share issue expenses under section 35D of the Act, as the expenditure to increase share capital was deemed capital in nature. However, the tribunal directed the Assessing Officer to delete the addition made towards the undervaluation of work-in-progress, as an increase in work-in-progress value should not impact business profit if interest income was already assessed separately. Consequently, the appeal was partly allowed in relation to the double addition of interest income in the assessment for the relevant assessment year. Case-Laws Income Tax Wed, 21 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338937