https://www.taxtmi.com/caselaws?id=12008 The HC held that the upfront interest liability on non-convertible debentures constituted deferred revenue expenditure and could be spread over the five-year life of the debentures; the Assessing Officer's spreading of the deduction was upheld and the Tribunal's confirmation was not interfered with. The court found the AO did not rewrite the contract, applied true accounting principles, and was entitled to adjust taxable income accordingly. The question was answered in favour of the Department and against the assessee; the higher annual deduction granted (18% v. 11% in books) was noted. en-us Wed, 08 Jan 2003 00:00:00 +0530 Mon, 29 Sep 2025 17:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12008 The HC held that the upfront interest liability on non-convertible debentures constituted deferred revenue expenditure and could be spread over the five-year life of the debentures; the Assessing Officer's spreading of the deduction was upheld and the Tribunal's confirmation was not interfered with. The court found the AO did not rewrite the contract, applied true accounting principles, and was entitled to adjust taxable income accordingly. The question was answered in favour of the Department and against the assessee; the higher annual deduction granted (18% v. 11% in books) was noted. Case-Laws Income Tax Wed, 08 Jan 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12008