https://www.taxtmi.com/caselaws?id=21801 Interest on borrowed capital remains allowable under section 36(1)(iii) of the Income-tax Act, 1961, but whether a new project forms part of an existing business or constitutes a separate business is a mixed question of fact and law. Because that issue required factual examination, the alleged mistake could not be characterised as an apparent error from the record for rectification under section 154. On that basis, notices issued under section 154 to reopen the allowance of interest were not sustainable and were quashed. en-us Wed, 29 Jan 1992 00:00:00 +0530 Tue, 01 Dec 2009 13:41:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21801 Interest on borrowed capital remains allowable under section 36(1)(iii) of the Income-tax Act, 1961, but whether a new project forms part of an existing business or constitutes a separate business is a mixed question of fact and law. Because that issue required factual examination, the alleged mistake could not be characterised as an apparent error from the record for rectification under section 154. On that basis, notices issued under section 154 to reopen the allowance of interest were not sustainable and were quashed. Case-Laws Income Tax Wed, 29 Jan 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21801