Supreme Court of India
M/s. Shasun Chemicals and Drugs Ltd. v. Commissioner of Income Tax-ii, Chennai
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From the 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 and development - Assessee 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
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