https://www.taxtmi.com/caselaws?id=13276 The court upheld the Tribunal's decision to allow the deduction of debenture issue expenditure, dismissing the Revenue's appeal. The court emphasized the binding nature of circulars issued by the Board of Direct Taxes and ruled that the circular permitting the deduction prevailed over section 35D, as it left no room for debate. Consequently, the court found no substantial legal question, affirming the Tribunal's decision and rejecting the Revenue's arguments. en-us Thu, 01 Dec 2005 00:00:00 +0530 Wed, 27 May 2009 18:09:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13276 The court upheld the Tribunal's decision to allow the deduction of debenture issue expenditure, dismissing the Revenue's appeal. The court emphasized the binding nature of circulars issued by the Board of Direct Taxes and ruled that the circular permitting the deduction prevailed over section 35D, as it left no room for debate. Consequently, the court found no substantial legal question, affirming the Tribunal's decision and rejecting the Revenue's arguments. Case-Laws Income Tax Thu, 01 Dec 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13276