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of <h1>Karnataka High Court: Expenses for Convertible Debentures Are Revenue Expenditure, Dismissing Revenue's Appeal.</h1> The Karnataka High Court ruled that expenses incurred for issuing convertible debentures should be classified as revenue expenditure, even if the debentures later convert into shares. The Revenue's appeal against the Income-tax Appellate Tribunal's decision was dismissed, as the Court emphasized that the purpose and usage of the expenditure, primarily to raise working capital in the normal course of business, determine its classification. This decision aligns with the Rajasthan High Court's precedent and the Supreme Court's endorsement, reinforcing the principle that such expenses are revenue in nature.
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