https://www.taxtmi.com/caselaws?id=393142 The High Court ruled in favor of the revenue, determining that interest paid for delay in share allotment is capital expenditure, not revenue expenditure. The Court also held that prior period expenditure should not be deducted from book profits for tax purposes under Section 115JB of the Income Tax Act. Consequently, the Court quashed the decisions of lower authorities and allowed the revenue's appeal. en-us Fri, 31 Jan 2020 00:00:00 +0530 Mon, 31 Aug 2020 16:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393142 The High Court ruled in favor of the revenue, determining that interest paid for delay in share allotment is capital expenditure, not revenue expenditure. The Court also held that prior period expenditure should not be deducted from book profits for tax purposes under Section 115JB of the Income Tax Act. Consequently, the Court quashed the decisions of lower authorities and allowed the revenue's appeal. Case-Laws Income Tax Fri, 31 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393142