1980 (1) TMI 32

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....by S. RANGANATHAN J.-It is a very short question that arises in this reference under s. 256(1) of the I.T. Act, 1961, at the instance of M/s. Bharat Carbon & Ribbon Manufacturing Co. Ltd., New Delhi (hereinafter referred to as " the assessee "). During the previous year which ended on December 31, 1962, relevant for the assessment year 1963-64, the assessee increased its authorised capital form....

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....ion arrived at by the Tribunal is clearly correct and has to be upheld. The expenditure had been incurred by the assessee with a view to increase its authorised capital. It was held in the case of lit re Tata Iron and Steel Co. Ltd. [1921] 1 ITC 125 (Bom) that an expenditure incurred by the company as under-writing commission pal in connection with an issue of preference shares by the company was ....