https://www.taxtmi.com/caselaws?id=63990 The Tribunal allowed the deduction of interest under section 36(1)(iii) for capital borrowed for business purposes. It held that interest paid before assets were put to use did not need to be capitalized under Explanation 8 to section 43(1). The Tribunal set aside the CIT's order under section 263 and restored the AO's decision, permitting the interest deduction. The appeal favored the assessee. en-us Wed, 29 Nov 1995 00:00:00 +0530 Thu, 03 Feb 2011 10:10:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63990 The Tribunal allowed the deduction of interest under section 36(1)(iii) for capital borrowed for business purposes. It held that interest paid before assets were put to use did not need to be capitalized under Explanation 8 to section 43(1). The Tribunal set aside the CIT's order under section 263 and restored the AO's decision, permitting the interest deduction. The appeal favored the assessee. Case-Laws Income Tax Wed, 29 Nov 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63990