https://www.taxtmi.com/caselaws?id=23446 The court concluded that the expenditure incurred for issuing bonus shares is capital expenditure and not deductible. Surtax payable under the Companies (Profits) Surtax Act, 1964, is not deductible as business expenditure. The reimbursement of salaries and other expenses, along with the weighted deduction under section 35C, were ruled in favor of the Revenue. The certificate for appeal to the Supreme Court was granted for the second question but not for the first question. en-us Fri, 10 Nov 1989 00:00:00 +0530 Sat, 19 Dec 2009 13:16:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23446 The court concluded that the expenditure incurred for issuing bonus shares is capital expenditure and not deductible. Surtax payable under the Companies (Profits) Surtax Act, 1964, is not deductible as business expenditure. The reimbursement of salaries and other expenses, along with the weighted deduction under section 35C, were ruled in favor of the Revenue. The certificate for appeal to the Supreme Court was granted for the second question but not for the first question. Case-Laws Income Tax Fri, 10 Nov 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23446