holding that the 60% of the expenses incurred on partly convertible debenture had to be allowed as deduction?
ITA Nos.1553 and 1919 ... holding that the 60% of the expenses incurred on partly convertible debenture had to be allowed as deduction?"
3.2. This question pertains
being the discount relating to the issue of debentures for Rs. 1.5 crores during the relevant previous year was to be allowed as a permissible ... discount paid to the persons who had subscribed to the debentures issued by it for Rs. 1.5 crores during the relevant previous year
Corporation Ltd., v. CIT (225 ITR 802) dealing with the discount on debenture, is distinguishable on the facts of the present case ... amount realised from the customers was considered to be a discount on debenture and the said discount must be spread over the period of life
balance of Rs. 10,00,000 by the issue of debentures. On the 2nd June 1933 the company passed the following resolution :
"Resolved unanimously ... raised by the issue of 2 debentures for Rs. 5,00,000 each bearing interest at 7 per cent. per annum charged upon its undertaking
certain assignment. The said consideration was by way of issuing 15 lakh debentures at Rs.100/= each. The applicant and the third respondent also entered ... said compromise, the third respondent was to deliver 2,75,000/= debentures of the applicant to the second respondent. The third respondent defaulted in complying
pressure from the Imperial Bank of India, who were the financiers and debenture trustees under a debenture trust deed (Ex. A. 18) which created ... small private company were the members of the family.
In May 1927, debentures to the tune of 101/2 lakhs were issued to the Imperial
been under-capitalised, and it became necessary to borrow by way of debentures, first in 1935 a sum of Rs. 6,00,000 and again ... debentures were secured by two deeds dated 20th September 1935 and 19th September 1938. Under these debenture trust deeds, practically the entire premises
charged to the Beaver Trust Ltd., being the trustees for the debenture holders of the Company
to secure the repayment of all principal moneys ... interest due on debentures. The said tramway undertaking was notified by the Government as a public utility service.
By G. O. No. 5555 dated 30th
sale effected by a Receiver, appointed by the trustees for the debenture holders of the company, of certain assets of the company of which ... reason was this: In or about October 1924 the company had issued debentures covering a very large sum of money which with interest
over the period having the use of the money raised by the debentures, unless a sinking fund is created to accumulate the full redemption price ... Principles and Practice of Auditing, as to the effect of issue of debentures at a discount, which stated as follows: "When debentures are issued
