https://www.taxtmi.com/caselaws?id=185859 Expenditure incurred in executing mortgages to raise loans for completing a building held as stock-in-trade was revenue expenditure under section 10(2)(xv) of the Indian Income-tax Act, 1922. The court treated the borrowing as an ordinary incident of trading: the land and building formed circulating capital in a single trading venture, no fixed capital or enduring asset was acquired, and the money was used only to finish the trading asset. The expense of raising the loan was therefore connected with the conduct of the business and deductible in computing business profits. en-us Mon, 11 Jan 1965 00:00:00 +0530 Tue, 30 Aug 2016 17:34:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185859 Expenditure incurred in executing mortgages to raise loans for completing a building held as stock-in-trade was revenue expenditure under section 10(2)(xv) of the Indian Income-tax Act, 1922. The court treated the borrowing as an ordinary incident of trading: the land and building formed circulating capital in a single trading venture, no fixed capital or enduring asset was acquired, and the money was used only to finish the trading asset. The expense of raising the loan was therefore connected with the conduct of the business and deductible in computing business profits. Case-Laws Income Tax Mon, 11 Jan 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185859