https://www.taxtmi.com/caselaws?id=331849 Entitlement to claim interest on borrowed capital: no distinction between capital borrowed for revenue or capital purposes where funds are used for business, therefore interest is deductible. Allowability of club entrance fee and surtax: payment of surtax is not deductible, whereas entrance fee paid without intent to acquire enduring business benefit is deductible. Addition for provisions for bad and doubtful debts: provisions are not ascertained liabilities and need not be added back when computing book profits, so deletion of the addition is justified. MAT computation and excise-related payments: certain excise-related outlays treated as revenue expenditure while others are capital; book profit adjustments allowed including export profit deduction as directed. en-us Tue, 19 Jul 2016 00:00:00 +0530 Fri, 23 Jan 2026 12:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331849 Entitlement to claim interest on borrowed capital: no distinction between capital borrowed for revenue or capital purposes where funds are used for business, therefore interest is deductible. Allowability of club entrance fee and surtax: payment of surtax is not deductible, whereas entrance fee paid without intent to acquire enduring business benefit is deductible. Addition for provisions for bad and doubtful debts: provisions are not ascertained liabilities and need not be added back when computing book profits, so deletion of the addition is justified. MAT computation and excise-related payments: certain excise-related outlays treated as revenue expenditure while others are capital; book profit adjustments allowed including export profit deduction as directed. Case-Laws Income Tax Tue, 19 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331849