https://www.taxtmi.com/caselaws?id=27634 The court held that interest payments on loans borrowed for constructing a theatre could not be claimed as a business expenditure once the theatre was sold and the film exhibition business ceased. It was ruled that the borrowed capital must be used for the business being assessed to qualify for deduction. The court also determined that the jewellery business and film exhibition business were not composite as they were not interconnected, interlaced, or interdependent. The decision favored the Revenue, requiring the assessee to pay the costs. en-us Tue, 13 Dec 1983 00:00:00 +0530 Mon, 15 Feb 2010 11:26:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27634 The court held that interest payments on loans borrowed for constructing a theatre could not be claimed as a business expenditure once the theatre was sold and the film exhibition business ceased. It was ruled that the borrowed capital must be used for the business being assessed to qualify for deduction. The court also determined that the jewellery business and film exhibition business were not composite as they were not interconnected, interlaced, or interdependent. The decision favored the Revenue, requiring the assessee to pay the costs. Case-Laws Income Tax Tue, 13 Dec 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27634