https://www.taxtmi.com/caselaws?id=69665 Interest on borrowed funds used to construct a theatre intended to earn business income was allowable as a deduction because the borrowing was for a business purpose and the expenditure was actually incurred. The Revenue's relied-upon authority was treated as factually distinguishable, while the earlier view supporting allowance of such interest was applied. Support was also drawn from other High Court decisions and from departmental acceptance of the earlier year's treatment. The addition was therefore deleted and the deduction was allowed in favour of the assessee. en-us Tue, 19 Jan 1999 00:00:00 +0530 Mon, 11 Apr 2011 13:17:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69665 Interest on borrowed funds used to construct a theatre intended to earn business income was allowable as a deduction because the borrowing was for a business purpose and the expenditure was actually incurred. The Revenue's relied-upon authority was treated as factually distinguishable, while the earlier view supporting allowance of such interest was applied. Support was also drawn from other High Court decisions and from departmental acceptance of the earlier year's treatment. The addition was therefore deleted and the deduction was allowed in favour of the assessee. Case-Laws Income Tax Tue, 19 Jan 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69665