Mahindra & Mahindra Ltd, Mumbai vs. Addl CIT Cir 2(2), Mumbai
In the result, this ground of appeal is
ITA 1448/MUM/2016[2005-06]Status: DisposedITAT Mumbai29 Jun 2020AY 2005-06
Bench: Shri Pawan Singh & Shri M Balaganesh(Virtual Hearing) Assessment Year : 2005 – 2006 Mahindra & Mahindra Ltd., Addl Cit Circle 2(2)(2), Mahindra Towers, Worli, Mumbai Mumbai 400 018 Pan Aaacm3025E Vs (Appellant) (Respondent) Assessment Year : 2005 – 2006 Addl Cit Circle 2(2)(2), Mahindra & Mahindra Ltd., Mumbai Mahindra Towers,Worli, Mumbai 400 018 Pan Aaacm3025E Vs (Appellant) (Respondent)
For Appellant: Shri Harish Mahajan -ARFor Respondent: Shri A Mohan CIT-DR
Section 40ASection 40A(9)Section 92C
…te against the nature of the debenture, being loan, and, therefore, the expenditure incurred would be admissible as revenue expenditure." Following the above decision of the Rajasthan High Court, the Hon'ble Karnataka High Court in the case of ITC Hotels Ltd.(334 ITR 109) held that even if the debenture is to be converted into a share at a later date,the expenditure so incurred for collection of debenture is to be treated as an expenditure of revenue nature. 5.1 Respectfully following the decisions of the above referred Hon'ble courts we hold that expenses incurred in connection with the issue of FCCB were revenu…
