https://www.taxtmi.com/caselaws?id=201651 The Tribunal allowed the deduction of interest under Section 36(1)(iii) for setting up a new business, emphasizing the purpose of borrowing for business use. However, various other expenses were disallowed, including those related to setting up a new unit and foreign travel expenses. The Tribunal held that the expenditure for the new unit was capital in nature and not admissible under section 37. Ultimately, the judgment resulted in a mixed outcome for the parties involved, with some deductions allowed and others disallowed based on the specific facts and legal interpretations presented in the case. en-us Tue, 13 May 2008 00:00:00 +0530 Fri, 28 Dec 2012 13:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=201651 The Tribunal allowed the deduction of interest under Section 36(1)(iii) for setting up a new business, emphasizing the purpose of borrowing for business use. However, various other expenses were disallowed, including those related to setting up a new unit and foreign travel expenses. The Tribunal held that the expenditure for the new unit was capital in nature and not admissible under section 37. Ultimately, the judgment resulted in a mixed outcome for the parties involved, with some deductions allowed and others disallowed based on the specific facts and legal interpretations presented in the case. Case-Laws Income Tax Tue, 13 May 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=201651