1997 (4) TMI 5 - SUPREME COURT

Tribunal hold that the assessee had incurred an expenditure of ₹ 3,00,000 during the relevant previous year by way of discount paid to the persons who had subscribed to the debentures issued by it for ₹ 1.5 crores during the relevant previous year and the same was allowable as a revenue expenditure - Held that appellant is, entitled to deduct a sum of ₹ 12,500 out of the discount of ₹ 3,00,000 in the relevant assessment year