Strict construction of deduction claims bars REIT from section 35D public issue expense relief under company-specific rule.

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....Section 35D(2)(c) was held to allow deduction only to a company for expenditure connected with public subscription of its shares or debentures. The Tribunal applied strict construction and refused to extend that relief to a REIT constituted as a trust, since a business trust is neither a company nor deemed to be one under the Act. It further held that REIT units are legally distinct from shares or debentures, and their regulatory treatment under SEBI norms does not change that character for section 35D(2)(c). The disallowance of the public issue expense claim was therefore sustained.....