Case Law Details
Case Name : The Commissioner of Income Tax Vs M/s. Nimbus Communications Limited (Bombay High Court)
Related Assessment Year :
Courts :
All High Courts Bombay High Court
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CIT Vs.Nimbus Communications Limited (Bombay HC) – there is dispute that the assessee has in fact incurred the expenditure and that on account of the aborted public issue offer, no new asset has come into existence and consequently there is no question of the assessee getting any enduring benefit. With the approval of SEBI, the assessee was to increase the share capital and thereby promote its business activity. However, the same got aborted due to reasons beyond its control. In these circumstances, in view of the decision of this
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