https://www.taxtmi.com/caselaws?id=22391 Interest on capital borrowed for a discontinued transport line remained deductible because the transport activity and the assessee's other businesses were treated as one composite business. Common management by the same partners, a common fund, inter se transfers between accounts, unity of organisation and control, and use of funds across business lines showed interconnection, interlacing, interdependence and unity of administration. On those facts, closure of the transport activity did not sever its business character from the overall enterprise, and the disallowance was unjustified. The stated principle is that multiple activities carried on as an integrated business with common funds and administration constitute one business for income-tax purposes. en-us Wed, 23 Jan 1991 00:00:00 +0530 Wed, 09 Dec 2009 16:32:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22391 Interest on capital borrowed for a discontinued transport line remained deductible because the transport activity and the assessee's other businesses were treated as one composite business. Common management by the same partners, a common fund, inter se transfers between accounts, unity of organisation and control, and use of funds across business lines showed interconnection, interlacing, interdependence and unity of administration. On those facts, closure of the transport activity did not sever its business character from the overall enterprise, and the disallowance was unjustified. The stated principle is that multiple activities carried on as an integrated business with common funds and administration constitute one business for income-tax purposes. Case-Laws Income Tax Wed, 23 Jan 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22391