https://www.taxtmi.com/caselaws?id=430193 The Tribunal allowed the appeal filed by the assessee, directing the Assessing Officer to delete the disallowance of Rs.3.10 Crores claimed as share issue expenses. The Tribunal held that the expenses were revenue in nature as the share issue was abandoned, resulting in no increase in the capital base. Citing relevant precedents, including the decision in General Insurance Corporation, the Tribunal concluded that the expenses should be treated as revenue expenditure under Section 37(1) of the Income Tax Act. en-us Fri, 14 Oct 2022 00:00:00 +0530 Mon, 14 Nov 2022 14:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430193 The Tribunal allowed the appeal filed by the assessee, directing the Assessing Officer to delete the disallowance of Rs.3.10 Crores claimed as share issue expenses. The Tribunal held that the expenses were revenue in nature as the share issue was abandoned, resulting in no increase in the capital base. Citing relevant precedents, including the decision in General Insurance Corporation, the Tribunal concluded that the expenses should be treated as revenue expenditure under Section 37(1) of the Income Tax Act. Case-Laws Income Tax Fri, 14 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430193