Tribunal held that expenses incurred by assessee for issue of bonds was to be allowed as revenue expenditure. Expenses incurred by assessee company from its benevolent fund is held to be allowable. (AY. 2003-04)
DCIT v. IFCI Ltd. (2020) 185 ITD 742 (Delhi)(Trib.)
S. 37(1) : Business expenditure-Capital or revenue-Expenses incurred by assessee for issue of bonds was to be allowed as revenue expenditure-Expenses from benevolent fond-Held to be allowable.