Held that the Commissioner (Appeals) was correct in holding that there was no inflow of funds from issue of bonus shares as held by the Assessing Officer but only transfer of reserve funds from the accumulated profit to the share capital in the form of bonus shares, and, accordingly, the claim of expenditure on issue of shares was allowable as an item of revenue (AY.2009-10, 2010-11, 2011-12)
Intas Pharmaceuticals Ltd. v. ACIT (2024)114 ITR 434 (Ahd)(Trib)
S. 37(1) : Business expenditure-Capital or revenue–Share issue expenses-Transfer of funds from accumulated profit to share capital-Allowable as revenue expenditure.
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