Amount of discount could not be treated as expenditure.

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..... amount of discount granted when bonds are issued should be allowed in the year of issue as it becomes as ascertained liability. 2. However, recently the Hon'ble Madras High Court in the case of Commissioner of Income-tax Vs. Madras Industrial Investment Corporation Limited (124 I.T.R. 454) has held that before there could be any expenditure, there had to be some payment out and as there is no su .....

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