Held that expenditure incurred for conversion of debentures into equity shares rightly treated as capital expenditure, the alternative claim of the asseessee for allowing deduction under section 35D in five equal installments also rejected. Followed, Brooke Bond India Ltd v. CTT (1997) 140 CTR 598 / 225 TTR 798(SC). (AY. 2014-15)
Sacmi Engineering India (P) Ltd. v. Dy. CIT (2022) 215 TTJ 1029 (Ahd)(Trib)
S. 37(1) : Business expenditure-Capital or revenue-Documents and stamp charges on conversion of debentures into equity shares-Capital expenditure-Alternative claim under section 35D is also rejected. [S. 35D]