https://www.taxtmi.com/caselaws?id=794507 Discount on issue of debentures is described as ordinarily allowable as revenue expenditure in the year of issue when incurred wholly and exclusively for business, and amortisation over the debenture period is not compulsory unless the assessee itself seeks that treatment or a specific statutory rule applies. The note also states that disallowance under section 14A read with Rule 8D should be confined to investments that actually yielded exempt income in the relevant year, not the entire portfolio, where the factual record shows exempt income arose only from one identified investment. It further notes that book entries do not override deductibility under the Act. en-us Fri, 22 May 2026 00:00:00 +0530 Tue, 07 Jul 2026 08:39:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794507 Discount on issue of debentures is described as ordinarily allowable as revenue expenditure in the year of issue when incurred wholly and exclusively for business, and amortisation over the debenture period is not compulsory unless the assessee itself seeks that treatment or a specific statutory rule applies. The note also states that disallowance under section 14A read with Rule 8D should be confined to investments that actually yielded exempt income in the relevant year, not the entire portfolio, where the factual record shows exempt income arose only from one identified investment. It further notes that book entries do not override deductibility under the Act. Case-Laws Income Tax Fri, 22 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794507