Amount of discount could not be treated as expenditure.

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....  Dated: October 22, 1983 Section(s) Referred: 37 Statute: Income - Tax Act, 1961 Attention is invited to Board's Instruction NO. 496 (F.No. 204/20/72-ITA.II) dated 12-1-1973 wherein it ....

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.... some payment out and as there is no such payment out in the case of issue of bonds at a discount, the amount of discount granted could not be treated as expenditure. 3. In view of above said judge....