Karnataka High Court in case of CIT vs. ITC Hotels Ltd. (2011) 334 ITR 109 has held that the expenditure incurred on the issue and collection of debentures including the convertible debentures (which had to be converted

CS Executive · Tax Laws · PYQS · December 2020
Karnataka High Court in case of CIT vs. ITC Hotels Ltd. (2011) 334 ITR 109 has held that the expenditure incurred on the issue and collection of debentures including the convertible debentures (which had to be converted into shares at a later date) shall be treated as
(A) Revenue Expenditure
(B) Deferred Revenue Expenditure
(C) Capital Expenditure
(D) Revenue expenditure to be amortized in five years

Answer & Explanation:

Correct Answer: Option (A)

Official answer key: (A).

Topics: Income from Business or Profession

Open in Interactive Practice Hub · Full Practice Hub · Chapter Weightage · More in this subject

Related Questions in this Topic