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Secure Meters Ltd. („the assessee?) is engaged in the business of manufacture of energy meters. The Assessing Officer (AO) inter-alia disallowed expenses on the issue of convertible debentures on the basis that it was capital in nature. This was confirmed by the Commissioner of Income Tax (Appeals). On further appeal, the Income Tax Appellate Tribunal („Tribunal?), however, held that the expenses on issue of debentures was allowable as a revenue expenditure. Aggrieve.. Full Article

Income Tax Appeal No. : 8 of 2007, In the Case of: C.I.T. Udaipur V/S M/S Secure Meters Ltd., Date of Order: Date Of Order: 20.11.2008 , Decided by : High Court of Judicature for Rajasthan at Jodhpur SUMMARY OF THE CASE LAW The assessee incurred expenditure on issue of convertible debentures. The department claimed [...] Full Article