Amount of discount could not be treated as expenditure.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....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 was stated that the loss representing amount of discount grante....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... of issue of bonds at a discount, the amount of discount granted could not be treated as expenditure. 3. In view of above said judgement of the Madras High Court, the instruction No. 456 may be treat....