https://www.taxtmi.com/caselaws?id=235178 The Court upheld the Tribunal's decision, ruling that interest on borrowed funds for business expansion is revenue expenditure under Section 36(1)(iii) of the Income-Tax Act, 1961 for the assessment year 2000-01. The borrowed funds were solely utilized for expanding the existing business, justifying the interest's allowability. The Court dismissed the Department's appeal, affirming the Tribunal's order. en-us Tue, 09 Jul 2013 00:00:00 +0530 Mon, 14 Oct 2013 10:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235178 The Court upheld the Tribunal's decision, ruling that interest on borrowed funds for business expansion is revenue expenditure under Section 36(1)(iii) of the Income-Tax Act, 1961 for the assessment year 2000-01. The borrowed funds were solely utilized for expanding the existing business, justifying the interest's allowability. The Court dismissed the Department's appeal, affirming the Tribunal's order. Case-Laws Income Tax Tue, 09 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235178