https://www.taxtmi.com/caselaws?id=348592 Interest on borrowing used for business needs, including voluntary retirement scheme payments, was treated as revenue expenditure because the borrowing continued to serve the business and had been accepted in earlier and later years; the disallowance was deleted. The first appellate authority also could not introduce long-term capital gains from a new source of income that had not been brought to tax in the assessment order, as such a fresh source could not be assessed for the first time in appeal; the addition was deleted. The ITAT thus set aside the additions and allowed the assessee's appeal in full. en-us Fri, 22 Sep 2017 00:00:00 +0530 Mon, 25 Sep 2017 07:21:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=348592 Interest on borrowing used for business needs, including voluntary retirement scheme payments, was treated as revenue expenditure because the borrowing continued to serve the business and had been accepted in earlier and later years; the disallowance was deleted. The first appellate authority also could not introduce long-term capital gains from a new source of income that had not been brought to tax in the assessment order, as such a fresh source could not be assessed for the first time in appeal; the addition was deleted. The ITAT thus set aside the additions and allowed the assessee's appeal in full. Case-Laws Income Tax Fri, 22 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=348592