https://www.taxtmi.com/caselaws?id=21885 The Court held that the expenditure incurred on the share issue for raising working capital was capital in nature, not revenue, based on the purpose and circumstances surrounding the share issue. The Court emphasized the need for a direct nexus between expenditure and business operations in determining its nature, as established in past judgments. en-us Sat, 20 Apr 1991 00:00:00 +0530 Wed, 02 Dec 2009 18:09:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21885 The Court held that the expenditure incurred on the share issue for raising working capital was capital in nature, not revenue, based on the purpose and circumstances surrounding the share issue. The Court emphasized the need for a direct nexus between expenditure and business operations in determining its nature, as established in past judgments. Case-Laws Income Tax Sat, 20 Apr 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21885