Stamp duty expenditure for public subscription of share/ debenture is allowable u/s 35D

CIT Vs On Mobile Global Ltd (Karnataka High Court) Karnataka High Court held that the expenses incurred towards stamp duty in connection with issue for public subscription of shares or debentures of the company is an allowable expenditure under section 35D of the Income Tax Act. Facts- An order of assessment u/s. 143(3) of the Act was passed by the Assessing Authority, by which the assessing authority disallowed the deduction claimed in respect of stamp duty charges, professional and legal charges, depreciation on computers as well as claims made u/s. 80JJAA of the Act as well as Section 10A o...