Explanation:

- Discount or loss on issue of debentures is treated as an expense and should be amortized over the period benefiting from the expense.

- If it's to be written off within 12 months or within the operating cycle, it is considered a short-term expenditure.

- Option 1: Other Current Assets

- This is correct. Such expenses to be amortized within 12 months are typically shown under Other Current Assets.

- Option 2: Other Non-current Assets

- For expenses to be written off over a period more than a year, they might be classified here.

- Option 3: Other Current Liabilities

- This section includes amounts due within 12 months from liabilities, not debenture discounts.

- Option 4: None of the options

- This isn't applicable as Option 1 fits the context.