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1 - 9 of 9 (0.36 seconds)Section 14A in The Income Tax Act, 1961 [Entire Act]
Ongc vs Assistant Commissioner Of Income Tax on 31 March, 2006
14. We have heard the parties and perused the record. Profit
and loss arising on exchange fluctuation in respect of loan
taken will constitute capital or revenue expenditure depending
on the purpose for which the loan has been utilized. As held
by the Supreme Court in the case of ONGC Vs CIT reported in
322 ITR 180 has held that loss on exchange fluctuation in
respect of loans acquired for revenue purpose is an allowable
deduction.
Section 7 in The Income Tax Act, 1961 [Entire Act]
Section 37 in The Income Tax Act, 1961 [Entire Act]
Section 43A in The Income Tax Act, 1961 [Entire Act]
Commissioner Of Income-Tax vs East India Hotels Ltd. on 25 February, 1994
10. We find that even if Section 35D is applicable to the
instant case, expenditure on issue of debentures which is
otherwise allowable u/s 37, will be allowable in full and the
expenditure need not be amortised. The Calcutta High Court in
CIT Vs East India Hotel reported in 252 ITR 860 and the Delhi
High Court in the case of CIT Vs Thirani Chemicals Ltd reported
in 290 ITR 196 (Del) have held that expenditure on issue of
bonds allowable under Section 37 by applying the ratio of the
Supreme Court in the case of India Cements Ltd reported in 60
ITR 52, even in cases where debentures were issued for
funding expansion of an undertaking and hence the
expenditure attracted provisions of sec 35D. In these
decisions they have referred to clarification issued by the
Board in its Circular No.56 dated 19.03.1971 wherein they
6
ITA NOS. 99 & 1435/Hyd/2012
M/s Bhagyanagar India Ltd.
The Income Tax Act, 1961
Commissioner Of Income-Tax vs Thirani Chemicals Ltd. on 1 December, 2005
10. We find that even if Section 35D is applicable to the
instant case, expenditure on issue of debentures which is
otherwise allowable u/s 37, will be allowable in full and the
expenditure need not be amortised. The Calcutta High Court in
CIT Vs East India Hotel reported in 252 ITR 860 and the Delhi
High Court in the case of CIT Vs Thirani Chemicals Ltd reported
in 290 ITR 196 (Del) have held that expenditure on issue of
bonds allowable under Section 37 by applying the ratio of the
Supreme Court in the case of India Cements Ltd reported in 60
ITR 52, even in cases where debentures were issued for
funding expansion of an undertaking and hence the
expenditure attracted provisions of sec 35D. In these
decisions they have referred to clarification issued by the
Board in its Circular No.56 dated 19.03.1971 wherein they
6
ITA NOS. 99 & 1435/Hyd/2012
M/s Bhagyanagar India Ltd.
1