https://www.taxtmi.com/caselaws?id=25673 Expenditure incurred to comply with foreign exchange regulation by transferring foreign-held shares to Indian citizens was held to be capital in nature because it altered the company's capital structure and perfected title to share capital rather than being incurred for the ordinary conduct of business. The court treated the outlay as one made to create, cure, or perfect the company's capital position and change its status, so it was not allowable as a revenue deduction under section 37 of the Income-tax Act, 1961. en-us Fri, 10 Apr 1987 00:00:00 +0530 Sat, 30 Jan 2010 11:14:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25673 Expenditure incurred to comply with foreign exchange regulation by transferring foreign-held shares to Indian citizens was held to be capital in nature because it altered the company's capital structure and perfected title to share capital rather than being incurred for the ordinary conduct of business. The court treated the outlay as one made to create, cure, or perfect the company's capital position and change its status, so it was not allowable as a revenue deduction under section 37 of the Income-tax Act, 1961. Case-Laws Income Tax Fri, 10 Apr 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25673