Held that the Tribunal had rightly recorded the correct principle of law that premium paid on redemption of debenture is revenue expenditure. The premium payable quantified on redemption of debentures was deductible as revenue expenditure. (AY. 2011-12)
Nitesh Housing Developers Pvt. Ltd. v. Dy. CIT (2023)454 ITR 770 (Karn)(HC)
S. 37(1) : Business expenditure-Capital or revenue-Contingent-Ascertained expenditure-Premium payment on redemption of shares which has been quantified-Allowable as revenue expenditure-Duty of Tribunal to give finding based on facts. [S. 254(1)]