https://www.taxtmi.com/circulars?id=10309 The cost of fixed assets includes all expenditure necessary to bring assets into existence and into working condition; therefore, interest on money borrowed to defray pre production construction or provision of plant and machinery can be capitalised and added to asset cost for computing depreciation and related allowances. The Supreme Court applied established accountancy rules and statutory recognition of capitalisation, and the Board directs withdrawal of pending appeals and circulation of the judgment as guidance to Income Tax Officers. en-us Tue, 31 Dec 1974 00:00:00 +0530 Mon, 13 Jun 2011 14:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=10309 The cost of fixed assets includes all expenditure necessary to bring assets into existence and into working condition; therefore, interest on money borrowed to defray pre production construction or provision of plant and machinery can be capitalised and added to asset cost for computing depreciation and related allowances. The Supreme Court applied established accountancy rules and statutory recognition of capitalisation, and the Board directs withdrawal of pending appeals and circulation of the judgment as guidance to Income Tax Officers. Circulars Income Tax Tue, 31 Dec 1974 00:00:00 +0530 https://www.taxtmi.com/circulars?id=10309