https://www.taxtmi.com/caselaws?id=272774 Expenditure on an aborted public share issue remains allowable as revenue expenditure under Section 37 of the Income-tax Act, 1961 where the issue is abandoned for reasons beyond the assessee's control and no new asset or enduring benefit arises. The intended use of the funds to support business expansion does not, by itself, alter the revenue character of the . The settled principle applied is that abortive issue expenses do not become capital merely because they were incurred in connection with proposed share capital mobilisation. en-us Thu, 08 Dec 2011 00:00:00 +0530 Thu, 17 May 2018 14:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272774 Expenditure on an aborted public share issue remains allowable as revenue expenditure under Section 37 of the Income-tax Act, 1961 where the issue is abandoned for reasons beyond the assessee's control and no new asset or enduring benefit arises. The intended use of the funds to support business expansion does not, by itself, alter the revenue character of the . The settled principle applied is that abortive issue expenses do not become capital merely because they were incurred in connection with proposed share capital mobilisation. Case-Laws Income Tax Thu, 08 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272774