https://www.taxtmi.com/caselaws?id=37736 The High Court held that legal charges and underwriting commission/brokerage incurred for issuing redeemable preference shares were capital expenditures, not deductible from business income. The court emphasized the distinction between share capital and loan capital, determining that such expenses were of a capital nature under the Companies Act and relevant case law. The ruling favored the revenue, with no costs awarded. Banerji J. concurred with the decision. en-us Fri, 25 Aug 1978 00:00:00 +0530 Wed, 31 Mar 2010 17:09:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37736 The High Court held that legal charges and underwriting commission/brokerage incurred for issuing redeemable preference shares were capital expenditures, not deductible from business income. The court emphasized the distinction between share capital and loan capital, determining that such expenses were of a capital nature under the Companies Act and relevant case law. The ruling favored the revenue, with no costs awarded. Banerji J. concurred with the decision. Case-Laws Income Tax Fri, 25 Aug 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37736