{"id":6522,"date":"2019-08-19T12:36:57","date_gmt":"2019-08-19T12:36:57","guid":{"rendered":"http:\/\/itatonline.org\/digest\/pcit-v-bayer-vapi-p-ltd-2019-264-taxman-182-guj-hc-2\/"},"modified":"2019-08-19T12:36:57","modified_gmt":"2019-08-19T12:36:57","slug":"pcit-v-bayer-vapi-p-ltd-2019-264-taxman-182-guj-hc-2","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/pcit-v-bayer-vapi-p-ltd-2019-264-taxman-182-guj-hc-2\/","title":{"rendered":"PCIT  v. Bayer Vapi (P) Ltd. (2019) 264 Taxman 182  (Guj.)(HC)"},"content":{"rendered":"<p>Assessee company debited legal and professional expenses incurred in relation to buyback of shares of company from its shareholders which pertained to reduction of share capital of company. AO held that expenditure incurred partook character of capital nature. Tribunal held that expenses incurred were in connection with existing business of assessee company and cannot be held to be enhance capital structure. High Court affirmed the order of the Tribunal.\u00a0 (AY. 2004 -05)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 37(1) : Business expenditure\u2013Capital or revenue-Legal and professional expenses-Litigation expenses -Buy back of shares\u2013 Allowable as revenue expenditure.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-6522","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-1Hc","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/6522","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=6522"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/6522\/revisions"}],"predecessor-version":[{"id":6523,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/6522\/revisions\/6523"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=6522"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=6522"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=6522"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}