https://www.taxtmi.com/caselaws?id=67554 The Commissioner of Income-tax's jurisdiction under section 263 was upheld by the Tribunal, dismissing the appeal by the assessee. Regarding the classification of interest expenditure as capital or revenue, the Tribunal allowed the appeal in full, determining that the interest on capital borrowed for business purposes was rightly claimed under section 36(1)(iii) as the business activities constituted a single composite business. The disallowance of interest was deemed unjustified based on the specific circumstances of the case and relevant legal precedents cited. en-us Wed, 28 Apr 1999 00:00:00 +0530 Fri, 11 Mar 2011 12:36:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67554 The Commissioner of Income-tax's jurisdiction under section 263 was upheld by the Tribunal, dismissing the appeal by the assessee. Regarding the classification of interest expenditure as capital or revenue, the Tribunal allowed the appeal in full, determining that the interest on capital borrowed for business purposes was rightly claimed under section 36(1)(iii) as the business activities constituted a single composite business. The disallowance of interest was deemed unjustified based on the specific circumstances of the case and relevant legal precedents cited. Case-Laws Income Tax Wed, 28 Apr 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67554