https://www.taxtmi.com/caselaws?id=242334 The High Court upheld the Tribunal's decision regarding the nature of expenditure, deeming it as revenue expenditure and allowing the deduction claimed by the assessee. Additionally, the court affirmed the deductibility of interest paid on the loan borrowed for plant and machinery, stating that as long as the borrowed capital is used for business purposes, the interest paid on it is deductible. The court dismissed the Revenue's appeal, supporting the Tribunal's decisions. en-us Wed, 30 Oct 2013 00:00:00 +0530 Mon, 13 Jan 2014 11:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242334 The High Court upheld the Tribunal's decision regarding the nature of expenditure, deeming it as revenue expenditure and allowing the deduction claimed by the assessee. Additionally, the court affirmed the deductibility of interest paid on the loan borrowed for plant and machinery, stating that as long as the borrowed capital is used for business purposes, the interest paid on it is deductible. The court dismissed the Revenue's appeal, supporting the Tribunal's decisions. Case-Laws Income Tax Wed, 30 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242334