Supreme Court · 1997 INSC 367 · Decided 4 April 1997
Madras Industrial Investment Corporation LTD. v. Commissioner of Income Tax, Tamil,nadu I, Madras
- Court
- Supreme Court of India
- Citation
- 1997 INSC 367 · [1997] 3 S.C.R. 593
- Case number
- CIVIL APPEAL No. 3531/1982
- Decided
- 4 April 1997
- Bench
- S.C. AGRAWAL, SUJATA V. MANOHAR (2-judge bench)
- Outcome
- Disposed off
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 37
Headnote
Income Tax Act, 1961: Section 37. Income Tax-Business Expenditure-AY 1968-69-Discount on Deben- tures issued by assessee-Held : Discount on such debentures was business expenditure in the nature of revenue expenditure-Hence, an allowable deduc­ tion-fl owever, since the liability to pay the only prop01tionate part, and not the entire amount, of the A B c discount could be deducted in the assessment year in question. D Words and Phrases : "Expenditure''--Meaning of-In the context of S.37 of the Income Tax Act, 1961. E The appellant-Company issued debentures at a discount of 2%
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