Supreme Court of India
Commissioner of Income Tax, Mumbai v. M/s. General Insurance Corporation
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
For the reasons stated above, the question referred to us, is answered in the affirmative, i.e., in favour of the assessee and against the revenue.
Judgment, page 10
From the headnote
Companies Act, 1956: Section 8 I-Expenditure incurred in connection with issuance of bonus shares-Held: ls revenue expenditure and not capital expenditure. The question which has arisen for consideration in the present appeal is whether the expenditure incurred in connection with the issuance of bonus shares is a capital expenditure or revenue expenditure. Dismissing the appeal, the Court HELD: 1.1. The expenditure on issuance of bonus shares is revenue expenditure and not capital expenditure. 1570-AJ 1.2. Issuance of bonus shares does not result in any inflow of fresh funds or increase in
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