Actual premium paid upon redemption of debentures is revenue expenditure

HIGH COURT OF BOMBAY Commissioner of Income-tax-2, Mumbai V/s. Raymond Ltd. IT APPEAL NO. 188 OF 2011 MARCH 20, 2012 JUDGMENT Dr. D.Y. Chandrachud, J. This appeal by the Revenue is against an order of the Income Tax Appellate Tribunal dated 22 March 2007; the Assessment Year to which appeal relates being AY 1992-93. The following substantial questions of law are raised: (A)  Whether on the facts and in the circumstances of the case and in law, the ITAT is right in deleting disallowance of foreign expenses incurred on the relatives of the Directors; (B)  Whether on the facts ...