https://www.taxtmi.com/caselaws?id=180844 The High Court upheld the Tribunal's decision regarding the treatment of financial charges for new projects under construction as allowable business expenditure, dismissing the appeal. It emphasized the distinction between revenue and capital expenditure, affirming that the charges incurred in obtaining a loan during business operations were legitimate and eligible for deduction as business expenditure under section 36(1)(3) of the Income Tax Act. The Court's ruling focused on the importance of recognizing expenses incurred in the normal course of business, ultimately supporting the Tribunal's decision on this matter. en-us Tue, 21 Jun 2011 00:00:00 +0530 Sat, 02 Apr 2016 16:21:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180844 The High Court upheld the Tribunal's decision regarding the treatment of financial charges for new projects under construction as allowable business expenditure, dismissing the appeal. It emphasized the distinction between revenue and capital expenditure, affirming that the charges incurred in obtaining a loan during business operations were legitimate and eligible for deduction as business expenditure under section 36(1)(3) of the Income Tax Act. The Court's ruling focused on the importance of recognizing expenses incurred in the normal course of business, ultimately supporting the Tribunal's decision on this matter. Case-Laws Income Tax Tue, 21 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180844