Expenditure on Conversion of Convertible Debentures into Equity Shares is ‘Capital’ in Nature: ITAT

The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has held that the expenditure incurred on conversion of convertible debentures into equity shares would amount to capital expenditure and therefore, the same cannot be deductible from the total income of the assessee under the provisions of the Income Tax Act, 1961. The assessee approached the Tribunal […]
http://dlvr.it/S7v877