https://www.taxtmi.com/caselaws?id=400185 The court held that the discount on debentures should be spread over the period for which the debentures were to be redeemed, following the Supreme Court's judgment in Madras Industrial Investment Corporation Ltd. The appellant's argument that the discount should be treated as revenue expenditure in the year of issuance was rejected. The court emphasized that the discount did not result in the creation of a capital asset, entitling the assessee to deduction only for the current year. The appeal was dismissed, with the court ruling in favor of the revenue. en-us Thu, 15 Oct 2020 00:00:00 +0530 Thu, 24 Dec 2020 17:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400185 The court held that the discount on debentures should be spread over the period for which the debentures were to be redeemed, following the Supreme Court's judgment in Madras Industrial Investment Corporation Ltd. The appellant's argument that the discount should be treated as revenue expenditure in the year of issuance was rejected. The court emphasized that the discount did not result in the creation of a capital asset, entitling the assessee to deduction only for the current year. The appeal was dismissed, with the court ruling in favor of the revenue. Case-Laws Income Tax Thu, 15 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400185