https://www.taxtmi.com/caselaws?id=13225 The High Court held that depreciation and investment allowance could be allowed after capitalizing interest in the purchase of plant and machinery under section 43(1) of the Income-tax Act. The court ruled that the interest formed part of the cost and was not paid separately, thus not falling under Explanation 8. Additionally, the court disallowed the deduction for rent of a guest house under section 37(1), following precedent and citing specific provisions of the Income-tax Act. The judgment favored the Revenue in this case. en-us Fri, 29 Sep 2006 00:00:00 +0530 Wed, 27 May 2009 13:41:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13225 The High Court held that depreciation and investment allowance could be allowed after capitalizing interest in the purchase of plant and machinery under section 43(1) of the Income-tax Act. The court ruled that the interest formed part of the cost and was not paid separately, thus not falling under Explanation 8. Additionally, the court disallowed the deduction for rent of a guest house under section 37(1), following precedent and citing specific provisions of the Income-tax Act. The judgment favored the Revenue in this case. Case-Laws Income Tax Fri, 29 Sep 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13225