Interest on Share Application Money Deemed Capital Expenditure Due to Delayed Allotment, Aiding Capital Expansion and Profit Generation.

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....Payment of interest on share application money - Nature of expenditure - the assessee with an object to increase share capital has incurred expenses in the form of payment of interest on account of delay in allotment of shares, yet the increase in capital results in expansion of the capital base of the company and may also help in profit making. Therefore, it retains it’s character as capital expenditure - HC....