https://www.taxtmi.com/caselaws?id=794507 Debenture-issue discount incurred wholly and exclusively for business is ordinarily deductible as revenue expenditure in the year the liability is incurred. Deferral over the debenture term may apply where the taxpayer seeks spread-over treatment and the matching concept supports it; book accounting does not determine deductibility under the Act. For disallowance of expenditure relating to exempt income under section 14A read with Rule 8D, the computation may be confined to investments that actually generated exempt income during the relevant year. Investments producing no exempt income in that year are excluded where the factual basis supports that approach. 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 Debenture-issue discount incurred wholly and exclusively for business is ordinarily deductible as revenue expenditure in the year the liability is incurred. Deferral over the debenture term may apply where the taxpayer seeks spread-over treatment and the matching concept supports it; book accounting does not determine deductibility under the Act. For disallowance of expenditure relating to exempt income under section 14A read with Rule 8D, the computation may be confined to investments that actually generated exempt income during the relevant year. Investments producing no exempt income in that year are excluded where the factual basis supports that approach. Case-Laws Income Tax Fri, 22 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794507