Forfeiture of application money paid by an investment Co. to buy debentures is allowable as business

IT : Where assessee, a promoter of JISCO, having paid application money for acquiring non-convertible debentures (NCDs) in right issue offered by JISCO, surrendered those NCDs to UTI which paid remaining amount and got allotment of NCDs in its favour, in view of fact that assessee had subscribed to NCDs as a matter of commercial expediency for making right issue successful which was in business interest of JISCO as well as assessee, application money in question forgone by assessee was to be all