Share issue expenses can be claimed against Interest earned on share application money

HIGH COURT OF GUJARAT Commissioner of Income-tax-IV versus Shree Rama Multi Tech Ltd. TAX APPEAL NO. 235 of 2012 Date of Pronouncement – 18.12.2012 ORDER Akil Kureshi, J. Revenue is in appeal against the judgment of the Income Tax Appellate Tribunal (‘Tribunal’ for short) dated 21.10.2011 raising following questions for our consideration: “A. Whether the Appellate Tribunal has substantially erred in setting aside the issue of set off of interest income from share application money against public issue expenses? B. Whether the Appellate Tribunal has sub...