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of The ITAT directed that expenditures debited to the P&L account, though initially treated by the AO as pre-operative, are allowable if incurred for the purpose of the assessee's established business; the matter is restored to the AO for verification of nature and details and those grounds are allowed for statistical purposes. Interest and miscellaneous receipts from deposits and related parties are held to be income from other sources; the AO is directed to allow corresponding interest/finance cost deductions under section 57(iii) after nexus examination, ensuring such costs are not double-claimed and are allowed once either as business expenditure or under section 57(iii). The addition for forex gain on an overseas loan is deleted. Reasonable hearing must be afforded.
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