https://www.taxtmi.com/caselaws?id=55912 The Tribunal concluded that the expenditure incurred by the assessee on issuing convertible debentures, which were eventually converted into equity shares, was capital in nature. Consequently, it was not allowable as revenue expenditure. The Tribunal emphasized the substance over form principle, determining that the transaction aimed to raise equity capital. The appeal by the assessee was dismissed, affirming the Assessing Officer's and CIT(A)'s decisions that the expenditure contributed to creating an asset of enduring nature, thus classifying it as capital expenditure. en-us Fri, 24 Mar 2006 00:00:00 +0530 Fri, 22 Mar 2024 12:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55912 The Tribunal concluded that the expenditure incurred by the assessee on issuing convertible debentures, which were eventually converted into equity shares, was capital in nature. Consequently, it was not allowable as revenue expenditure. The Tribunal emphasized the substance over form principle, determining that the transaction aimed to raise equity capital. The appeal by the assessee was dismissed, affirming the Assessing Officer's and CIT(A)'s decisions that the expenditure contributed to creating an asset of enduring nature, thus classifying it as capital expenditure. Case-Laws Income Tax Fri, 24 Mar 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55912