https://www.taxtmi.com/caselaws?id=286818 Interest on borrowed capital used for business purposes was stated to be deductible for the relevant year where the proviso restricting the claim was not yet applicable, and capital projects or book capitalisation did not by itself defeat the deduction. Prior period expenses were said to be allowable only if the liability had crystallised during the year and the claim was properly substantiated. Electricity duty collected for remittance to the State was treated as fiduciary collection, not the assessee's own liability, and was said not to fall within section 43B. The note also states that loss of stock-in-trade is revenue loss, loss relating to a block of assets is to be addressed through depreciation, and write-off of software or professional-fee-related intangibles may be revenue expenditure where linked to business operations. en-us Wed, 30 Sep 2015 00:00:00 +0530 Tue, 17 Mar 2020 10:14:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286818 Interest on borrowed capital used for business purposes was stated to be deductible for the relevant year where the proviso restricting the claim was not yet applicable, and capital projects or book capitalisation did not by itself defeat the deduction. Prior period expenses were said to be allowable only if the liability had crystallised during the year and the claim was properly substantiated. Electricity duty collected for remittance to the State was treated as fiduciary collection, not the assessee's own liability, and was said not to fall within section 43B. The note also states that loss of stock-in-trade is revenue loss, loss relating to a block of assets is to be addressed through depreciation, and write-off of software or professional-fee-related intangibles may be revenue expenditure where linked to business operations. Case-Laws Income Tax Wed, 30 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286818