Supreme Court · 2016 INSC 879 · Decided 16 September 2016
M/S. Shasun Chemicals and Drugs LTD. v. Commissioner of Income Tax-Ii, Chennai
- Court
- Supreme Court of India
- Citation
- 2016 INSC 879 · [2016] 8 S.C.R. 73
- Case number
- CIVIL APPEAL No. 9611/2016
- Decided
- 16 September 2016
- Bench
- A.K. SIKRI, N.V. RAMANA (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 35D, 36, 40A(9), 43B
Headnote
Tax: Income Tax Act, 1961 - ss.35D, 36, 40A(9), 43B -Amortization of expenditure -Deduction of payment of bonus from business income - Assessee issued public shares in order lo raise funds to meet the capital expenditure for expansion of its existing units of production and for research claimed amortization of expenditure incurred towards share issue expense u/s.35D of the Act - Furthermore, assessee claimed deduction u/s. 36 of the Act, regarding bonus paid to its employees - Claim disallowed by High Court - On appeal, held: Amortization of expenditure u/s.35D, is allowed
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