« Top Headlines » Open DEMAT Account in 24 hrs  New Income Tax Act: ITR forms to be issued prior to FY28, says govt  GSTR-9C Explained: Turnover Limit, Due Date, Statement Format & How to Prepare It in Tally Prime (2025 Update)  Will Income Tax Department release new ITR forms by January 2026? Finance Ministry says this  The Government of India has strengthened MSME protection through strict payment rules, ensuring that Micro & Small Enterprises receive timely payments from buyers. Under the MSME Development Act (MSMED Act), 2006, buyers must make payments within:  ITR Refund Delays in India: Why They Happen & How to FastTrack Your Refund in 2025  ITR Refund Delay: From Bank Errors To Department Checks, 5 Big Reasons Your Refund Gets Stuck  Income Tax Slabs 2025: New Vs Old Regime; Which One Is Better For You For FY2025-26?  Seamless Integration: How Tally Prime Connects Businesses to the Digital Economy  Govt to notify new ITR forms, Income Tax Act 2025 rules by January 2026: CBDT chief  Digital Efficiency for MSMEs: The Tally Prime Advantage  5 Ways Tally Prime Reduces Cost and Boosts Productivity for Startups «  ‘Speed money’ is undisclosed income indeed, says court... Online tax filing foxes corporates... » Expenses on bonus shares is revenue expenditure, rules SC October, 03rd 2006 The Supreme Court has ruled that expenditure incurred in the process of issuing bonus shares is a revenue expenditure and the company is eligible to avail of tax benefits while filing returns. While hearing an appeal filed by the commissioner of income tax for disallowing tax breaks claimed by General Insurance Corporation, the apex court Bench observed: The issue of bonus shares leaves the capital employed unchanged and does not result in conferring an enduring benefit to the company and the same has to be regarded as revenue expenditure. The Bench, comprising Justice Ashok Bhan and Justice Markandey Katju, said: Issuance of bonus shares by capitalisation of reserves is merely a reallocation of a companys funds. There is no inflow of fresh funds or increase in the capital employed, which remains the same. The issue before the court was whether the expenditure incurred in connection with the issuance of bonus shares is a capital expenditure or revenue expenditure. GIC, which has four subsidiaries, filed a return of Rs 58.52 crore along with the audit report for the assessment year 1991-92. However, the assessing officer disallowed a few expenses incurred as revenue expenditure to the tune of Rs 1.4 crore incurred toward stamp duty and registration fees paid in connection with the increase in authorised share capital.