Dismissing the appeal of the revenue the Court held that ; Expenditure on issue of debentures was held to be allowable as revenue expenditure irrespective of nature of debenture.
CIT v. Modern Threads (I) Ltd. (2018) 400 ITR 381 (Raj) (HC) CIT v. Modern Syntex (2018) 400 ITR 381 (Raj) (HC)
S.37(1): Business expenditure — Capital or revenue-— Expenditure on issue of debentures was held to be allowable as revenue expenditure irrespective of nature of debenture.