https://www.taxtmi.com/article/detailed?id=242 A proviso disallows deduction of interest on capital borrowed to acquire an asset for extension of an existing business by treating interest incurred from the date of borrowing until the asset is first put to use as non deductible, regardless of capitalization; replacement, efficiency improvements, non asset expansion expenses, and creation of required assets for existing operations are argued to fall outside the proviso, while disputes will concentrate on definitions of "asset" and "extension" and the proviso's prospective application. en-us Tue, 09 Dec 2008 00:00:00 +0530 Tue, 09 Dec 2008 16:58:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=242 A proviso disallows deduction of interest on capital borrowed to acquire an asset for extension of an existing business by treating interest incurred from the date of borrowing until the asset is first put to use as non deductible, regardless of capitalization; replacement, efficiency improvements, non asset expansion expenses, and creation of required assets for existing operations are argued to fall outside the proviso, while disputes will concentrate on definitions of "asset" and "extension" and the proviso's prospective application. Articles Income Tax Tue, 09 Dec 2008 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=242