https://www.taxtmi.com/caselaws?id=456647 ITAT Cochin upheld AO's disallowance of IPO expenses as capital expenditure, following SC precedent in Brooke Bond case. All IPO-related costs including advertisement, market research, travel, and postal expenses were deemed capital in nature as they directly relate to share capital expansion. However, ITAT remanded the matter to AO to examine assessee's alternative claim for deduction under section 35D as preliminary expenses and to recalculate interest under section 234C considering tax deductible at source provisions. Appeal allowed for statistical purposes. en-us Fri, 07 Mar 2014 00:00:00 +0530 Wed, 07 Aug 2024 20:37:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456647 ITAT Cochin upheld AO's disallowance of IPO expenses as capital expenditure, following SC precedent in Brooke Bond case. All IPO-related costs including advertisement, market research, travel, and postal expenses were deemed capital in nature as they directly relate to share capital expansion. However, ITAT remanded the matter to AO to examine assessee's alternative claim for deduction under section 35D as preliminary expenses and to recalculate interest under section 234C considering tax deductible at source provisions. Appeal allowed for statistical purposes. Case-Laws Income Tax Fri, 07 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456647