M/S.SHASUN CHEMICALS AND DRUGS LTD. vs. COMMISSIONER OF INCOME TAX, CHENNAI

The appeals are allowed

Section 35D of the Act) for the initial Assessment Year being the Assessment Year 1995-96 after examining the materials produced. However, the Assessing Officer disallowed the expenses for the Assessment Year 1996-97 on the ground that the share issue expenses are not eligible for deduction in view of the decision of this Court in the case of Brook