If in the previous financial year we engaged consultants and incurred other related expenses for raising capital but unsuccessful in raising capital, can the costs be offset against equity.

Thanks,

You have to be more specific about the nature of the consultancy offered, the amount of capital to be raised and the consequences of unsuccessful raising of capital. I am sure you know that the transaction must satisfy the recognition and measurement criteria as defined in the Framework.

Why create difficulties and complications.
Just charge CONSULTANTS FEES when they are paid.

Once an activity has concluded and lost its economic benefit it should be written off. Such an item as you described might be an extraordinary expense so that it isn't confused with being a recurring expense.