Income-tax is perhaps the only law wherein various developments take place time and again. This blog aims at keeping various professionals like Chartered Accountants, Advocates and Tax Practitioners updated about latest judicial pronouncements and new developments in the Income-tax law.
Thursday, 25 July 2013
Interest income earned from share application money can be set off against public issue expenditure:
Interest
earned on Share application money parked in a separate account till allotment
can be adjusted towards expenditure incurred for raising share capital.
[SHREE
RAMA MULTI TECH LTD. - TAX APPEAL NO.235 of 2012 - GHC]
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