High Court Allows Appeal of Regional Rural Bank in Income Tax Dispute — Expenditure on Raising Capital Held Allowable Under Section 36(1)(viii) of Income Tax Act, 1961. Expenditure incurred for raising capital by a regional rural bank is not capital expenditure but revenue expenditure allowable under Section 36(1)(viii) of the Income Tax Act, 1961.
28 May 2018The appellant, M/s Pragathi Krishna Gramin Bank, a regional rural bank, filed appeals under Section 260A of the Income Tax Act, 1961 against the order...
