https://www.taxtmi.com/caselaws?id=329732 The Court upheld the disallowance of pre-operative expenses claimed as revenue expenditure and the treatment of interest payment on loans for expansion projects as revenue expenditure. It held that interest paid on borrowed capital for business purposes is deductible under Section 36(1)(iii) of the Income-tax Act, regardless of whether the capital was used for a capital or revenue purpose. The appeal was dismissed, affirming the decisions of the Income Tax Appellate Tribunal and answering the issues in favor of the assessee. en-us Tue, 28 Jun 2016 00:00:00 +0530 Fri, 08 Jul 2016 15:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329732 The Court upheld the disallowance of pre-operative expenses claimed as revenue expenditure and the treatment of interest payment on loans for expansion projects as revenue expenditure. It held that interest paid on borrowed capital for business purposes is deductible under Section 36(1)(iii) of the Income-tax Act, regardless of whether the capital was used for a capital or revenue purpose. The appeal was dismissed, affirming the decisions of the Income Tax Appellate Tribunal and answering the issues in favor of the assessee. Case-Laws Income Tax Tue, 28 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329732