https://www.taxtmi.com/caselaws?id=11247 The High Court held that expenses incurred for a public issue of equity shares to increase capital were deemed as capital expenditure, not allowable as revenue expenditure. Despite the argument that the expenses were aimed at augmenting working capital resources to boost turnover, the court emphasized that the direct relationship to expanding the capital base classified the expenditure as capital in nature. The court dismissed the appeal, affirming that such expenses for capital enhancement are not eligible as revenue expenditure, aligning with precedents that expenses for capital structure adjustments are capital in nature. en-us Thu, 20 Nov 2003 00:00:00 +0530 Mon, 03 Aug 2009 09:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11247 The High Court held that expenses incurred for a public issue of equity shares to increase capital were deemed as capital expenditure, not allowable as revenue expenditure. Despite the argument that the expenses were aimed at augmenting working capital resources to boost turnover, the court emphasized that the direct relationship to expanding the capital base classified the expenditure as capital in nature. The court dismissed the appeal, affirming that such expenses for capital enhancement are not eligible as revenue expenditure, aligning with precedents that expenses for capital structure adjustments are capital in nature. Case-Laws Income Tax Thu, 20 Nov 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11247