Technova Imaging Systems Ltd. v. Deputy CIT

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The Tax Publishers2005 TaxPub(DT) 0421 (Mum-Trib) : (2006) 008 (II) ITCL 0050 : (2005) 002 SOT 0116 Technova Imaging Systems Ltd. v. Dy. Cit INCOME TAX ACT, 1961 Business expenditure - Allowability -Bonus shares *Held: Since issue of bonus shares did not lead to expansion of capital base of a company, therefore, expenditure incurred by assessee-company in connection with said issue was allowable as revenue expenditure under section 37(1). Income Tax Act, 1961,* Section 37(1) A.Y.: 1994-95 Decision: In favour of assessee. Technova Imaging Systems Ltd. v. Dy. Cit SUBSCRIBE FOR FULL CONTENT

The Tax Publishers2005 TaxPub(DT) 0421 (Mum-Trib) : (2006) 008 (II) ITCL 0050 : (2005) 002 SOT 0116

Technova Imaging Systems Ltd. v. Dy. Cit

INCOME TAX ACT, 1961

Business expenditure - Allowability -Bonus shares

Held: Since issue of bonus shares did not lead to expansion of capital base of a company, therefore, expenditure incurred by assessee-company in connection with said issue was allowable as revenue expenditure under section 37(1).

Income Tax Act, 1961, Section 37(1)

A.Y.: 1994-95

Decision: In favour of assessee.

Technova Imaging Systems Ltd. v. Dy. Cit