https://www.taxtmi.com/caselaws?id=11508 Expenditure incurred to secure a loan was treated as revenue expenditure where the direct nexus was with obtaining finance, and the purpose for which the loan was raised did not by itself make the borrowing costs capital in nature. On the foreign tour claim, the analysis states that the available record did not support a finding that the managing director's travel related to a new project or a capital outlay of the assessee, so the expenditure was not properly characterised as capital. On section 43B, the discussion applies the Supreme Court view that the first proviso has retrospective effect, with the result that the disallowance could not be sustained on that basis. en-us Fri, 25 Apr 2003 00:00:00 +0530 Tue, 11 Aug 2009 09:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11508 Expenditure incurred to secure a loan was treated as revenue expenditure where the direct nexus was with obtaining finance, and the purpose for which the loan was raised did not by itself make the borrowing costs capital in nature. On the foreign tour claim, the analysis states that the available record did not support a finding that the managing director's travel related to a new project or a capital outlay of the assessee, so the expenditure was not properly characterised as capital. On section 43B, the discussion applies the Supreme Court view that the first proviso has retrospective effect, with the result that the disallowance could not be sustained on that basis. Case-Laws Income Tax Fri, 25 Apr 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11508