https://www.taxtmi.com/caselaws?id=56009 The Tribunal upheld the disallowance of expenditure on increased authorized share capital, referencing SC judgments. It set aside the CIT(A) decision on interest set-off, directing reassessment. Amortization of public issue expenses was directed to be fully considered under s. 35D. The Tribunal accepted the inclusion of debenture application money for capital computation. Sales promotion expenses were to be spread over five years. Drawings and design expenses were allowed as revenue expenditure, with adjustments to prevent double deduction. Both appeals were allowed for statistical purposes, with directions for reassessment and consideration of relevant legal precedents. en-us Fri, 07 Nov 2003 00:00:00 +0530 Thu, 04 Jul 2024 10:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56009 The Tribunal upheld the disallowance of expenditure on increased authorized share capital, referencing SC judgments. It set aside the CIT(A) decision on interest set-off, directing reassessment. Amortization of public issue expenses was directed to be fully considered under s. 35D. The Tribunal accepted the inclusion of debenture application money for capital computation. Sales promotion expenses were to be spread over five years. Drawings and design expenses were allowed as revenue expenditure, with adjustments to prevent double deduction. Both appeals were allowed for statistical purposes, with directions for reassessment and consideration of relevant legal precedents. Case-Laws Income Tax Fri, 07 Nov 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56009