https://www.taxtmi.com/caselaws?id=185446 Expenses of obtaining a mortgage loan were held to be capital, not revenue, because the expenditure created an enduring advantage for the business rather than being laid out merely for running operations; this conclusion relied on precedents distinguishing fixed and circulating capital and rejected an inference that the entire borrowing was for working capital where records showed part funded capital assets. Therefore the sum expended in raising the loan is not allowable under the relevant income-tax deduction provision and is disallowed for tax purposes. en-us Tue, 31 Oct 1961 00:00:00 +0530 Fri, 12 Aug 2016 18:24:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185446 Expenses of obtaining a mortgage loan were held to be capital, not revenue, because the expenditure created an enduring advantage for the business rather than being laid out merely for running operations; this conclusion relied on precedents distinguishing fixed and circulating capital and rejected an inference that the entire borrowing was for working capital where records showed part funded capital assets. Therefore the sum expended in raising the loan is not allowable under the relevant income-tax deduction provision and is disallowed for tax purposes. Case-Laws Income Tax Tue, 31 Oct 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185446