Western India Plywood Ltd vs Commissioner Of Income Tax

Authority: High Court Date: 1960-01-01 AY: 1951-52 Section: 37(1), 37 Acts: Indian Income Tax Act, 1922 Result: Revenue Citation: (1960) 38 ITR 533 (KER) Justices: M.A. Ansari & Velu Pillai, JJ. Appeal No: IT Ref. Case No. 6 of 1957
Whether expenditure incurred for issuing debentures to raise working capital is capital expenditure not deductible under Section 10(2)(xv) of the Indian Income Tax Act, 1922 --- Held Yes.

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