https://www.taxtmi.com/caselaws?id=71496 The Tribunal upheld the deduction of interest on borrowed funds, directing the exclusion of the claimed amount from capital expenditure. It upheld the treatment of salary and other costs as capital expenditure but allowed commitment charges as revenue expenditure. Foreign travel expenses were disallowed as capital expenditure. 20% of entertainment expenditure was allowed as deductible. The deduction for presentation and gift articles was modified to allow 90% as deductible. Guarantee commission was treated as capital expenditure. The loss on the transfer of a marketing division was upheld as short-term capital loss. Rent for the guest house was allowed, but depreciation was disallowed. en-us Tue, 21 Feb 1995 00:00:00 +0530 Mon, 25 Apr 2011 12:16:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71496 The Tribunal upheld the deduction of interest on borrowed funds, directing the exclusion of the claimed amount from capital expenditure. It upheld the treatment of salary and other costs as capital expenditure but allowed commitment charges as revenue expenditure. Foreign travel expenses were disallowed as capital expenditure. 20% of entertainment expenditure was allowed as deductible. The deduction for presentation and gift articles was modified to allow 90% as deductible. Guarantee commission was treated as capital expenditure. The loss on the transfer of a marketing division was upheld as short-term capital loss. Rent for the guest house was allowed, but depreciation was disallowed. Case-Laws Income Tax Tue, 21 Feb 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71496