https://www.taxtmi.com/caselaws?id=186376 Interest on borrowed capital used during the construction period formed part of the refinery's actual cost for depreciation and development rebate purposes, because the borrowing was essential to acquire and establish the capital asset and commercial accountancy practice permitted capitalisation until the plant was ready for production. Interest paid after commencement of business was treated differently and excluded from actual cost because it was not part of the cost of setting up the plant. The reference was answered in favour of the assessee. en-us Wed, 18 Aug 1965 00:00:00 +0530 Thu, 15 Sep 2016 17:30:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186376 Interest on borrowed capital used during the construction period formed part of the refinery's actual cost for depreciation and development rebate purposes, because the borrowing was essential to acquire and establish the capital asset and commercial accountancy practice permitted capitalisation until the plant was ready for production. Interest paid after commencement of business was treated differently and excluded from actual cost because it was not part of the cost of setting up the plant. The reference was answered in favour of the assessee. Case-Laws Income Tax Wed, 18 Aug 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186376