https://www.taxtmi.com/caselaws?id=22720 The High Court of ALLAHABAD ruled in favor of the assessee, allowing the deduction of interest amounting to Rs. 15,642 as business expenditure for a registered firm engaged in expanding iron metal and manufacturing rubber products. The Court held that the interest should not be considered part of capital expenditure and can be deducted from income, emphasizing that the assessee is one entity and not assessed unit-wise. The judgment supported the assessee's entitlement to deduct interest expenses for setting up a new business unit, affirming the decision of the Appellate Assistant Commissioner. en-us Thu, 07 Feb 1991 00:00:00 +0530 Sat, 12 Dec 2009 15:17:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22720 The High Court of ALLAHABAD ruled in favor of the assessee, allowing the deduction of interest amounting to Rs. 15,642 as business expenditure for a registered firm engaged in expanding iron metal and manufacturing rubber products. The Court held that the interest should not be considered part of capital expenditure and can be deducted from income, emphasizing that the assessee is one entity and not assessed unit-wise. The judgment supported the assessee's entitlement to deduct interest expenses for setting up a new business unit, affirming the decision of the Appellate Assistant Commissioner. Case-Laws Income Tax Thu, 07 Feb 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22720