Expense on buy-back of shares is revenue expenditure

DCIT Vs Ocwen Financial Solutions Pvt. Ltd.(ITAT Bangalore) Facts- 1. Treatment of expenditure incurred on buy-back of shares- An assessee has spent amount of INR 8,90,961 on buy-back of shares and debited the same to Profit & Loss Account treating the same as ‘revenue expenditure’. AO treated the same as ‘capital expenditure’. 2. Set-off of brought forward losses- The assessee has three operations units, out of which two units are claiming deduction u/s 10A. Assessee reduced brought forward loss against profit of one unit which is not claiming deduction. However, AO reduced the br...