https://www.taxtmi.com/caselaws?id=19451 The High Court of Gujarat upheld the Tribunal's decision in a case involving the deductibility of interest paid on borrowings for setting up a factory for manufacturing dyes. The Court found the businesses of trading and manufacturing to be distinct, denying the deduction claimed by the assessee. Emphasizing the importance of common management and control, the Court referred to relevant precedents to support its decision. The judgment favored the Revenue, concluding that the interest expenditure was of a capital nature, not deductible as revenue expenditure. en-us Wed, 19 Oct 1994 00:00:00 +0530 Fri, 06 Nov 2009 12:27:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19451 The High Court of Gujarat upheld the Tribunal's decision in a case involving the deductibility of interest paid on borrowings for setting up a factory for manufacturing dyes. The Court found the businesses of trading and manufacturing to be distinct, denying the deduction claimed by the assessee. Emphasizing the importance of common management and control, the Court referred to relevant precedents to support its decision. The judgment favored the Revenue, concluding that the interest expenditure was of a capital nature, not deductible as revenue expenditure. Case-Laws Income Tax Wed, 19 Oct 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19451