https://www.taxtmi.com/caselaws?id=256531 The Tribunal upheld the CIT(A)'s decision, dismissing the appeal filed by the assessee. The interest income from temporary advancement of funds was deemed capital in nature, not eligible for deduction as business expenditure. Similarly, interest paid before the commencement of business activities was also considered capital and not allowable as a normal business expense. The deduction of interest paid on borrowed funds advanced as loans was denied, affirming that such interest should be treated as capital rather than business expenditure. en-us Tue, 27 Jan 2015 00:00:00 +0530 Mon, 16 Feb 2015 09:52:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256531 The Tribunal upheld the CIT(A)'s decision, dismissing the appeal filed by the assessee. The interest income from temporary advancement of funds was deemed capital in nature, not eligible for deduction as business expenditure. Similarly, interest paid before the commencement of business activities was also considered capital and not allowable as a normal business expense. The deduction of interest paid on borrowed funds advanced as loans was denied, affirming that such interest should be treated as capital rather than business expenditure. Case-Laws Income Tax Tue, 27 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256531