Supreme Court of India
Madras Industrial Investment Corporation Ltd. v. Commissioner of Income Tax, Tamil,nadu I, Madras
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1 Supreme Court bench has cited this judgment.
What the Court ordered
We are of the opinion that (a) the loan obtained is not an asset or advantage of an enduring nature; (b) that the expenditure was made for securing the use of money for a certain period; and ( c) that it is irrelevant to consider the object with which the loan was obtained.
Judgment, page 12
From the 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 discount was spread over a number of years, only prop01tionate part, and not the entire amount, of the c discount could be deducted in the assessment year in question. Words and Phrases : "Expenditure''--Meaning of-In the context of S.37 of the Income Tax Act, 1961. The appellant-Company issued debentures
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Of those, 1 distinguished
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