https://www.taxtmi.com/caselaws?id=8004 Expenditure incurred for issuing debentures to raise borrowed funds was treated as revenue expenditure where the borrowing was incidental to carrying on business and the outlay was wholly and exclusively for that purpose. The fact that the loan was ultimately applied to acquire or support capital assets did not make the expenditure capital in nature. Because the debenture-issue expenses did not create an asset or enduring advantage, they were deductible in computing business profits and allowable under section 10(2)(xv) of the Indian Income-tax Act, 1922. The alternative question on actual cost did not arise. en-us Thu, 05 Mar 1970 00:00:00 +0530 Thu, 26 Mar 2009 19:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8004 Expenditure incurred for issuing debentures to raise borrowed funds was treated as revenue expenditure where the borrowing was incidental to carrying on business and the outlay was wholly and exclusively for that purpose. The fact that the loan was ultimately applied to acquire or support capital assets did not make the expenditure capital in nature. Because the debenture-issue expenses did not create an asset or enduring advantage, they were deductible in computing business profits and allowable under section 10(2)(xv) of the Indian Income-tax Act, 1922. The alternative question on actual cost did not arise. Case-Laws Income Tax Thu, 05 Mar 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8004