https://www.taxtmi.com/caselaws?id=36422 The court held that the expense incurred by the assessee for increasing its authorized capital was deemed to be of capital nature and not allowable as a revenue expense under section 256(1) of the Income Tax Act, 1961. The Tribunal's decision was upheld based on precedents, establishing that expenditure for raising additional share capital is capital in nature. The court ruled against the assessee, directing them to pay the costs of the reference to the respondent. en-us Wed, 30 Jan 1980 00:00:00 +0530 Mon, 22 Mar 2010 12:11:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36422 The court held that the expense incurred by the assessee for increasing its authorized capital was deemed to be of capital nature and not allowable as a revenue expense under section 256(1) of the Income Tax Act, 1961. The Tribunal's decision was upheld based on precedents, establishing that expenditure for raising additional share capital is capital in nature. The court ruled against the assessee, directing them to pay the costs of the reference to the respondent. Case-Laws Income Tax Wed, 30 Jan 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36422