https://www.taxtmi.com/caselaws?id=36653 Interest on borrowed capital and municipal taxes were treated as deductible business expenditure where the borrowing was used to acquire a business asset and the proposed construction was connected with the assessee's office requirements; the attempt to treat the outlay as house property-related was rejected because no house property existed in the relevant years. Rebate of super-tax under section 99(1)(iv) was held to apply to the gross dividend received, not the reduced figure after section 56(2) deductions. Office renovation expenses, including wooden panelling, were allowed as revenue expenditure because they did not create any enduring asset or advantage and were regarded as ordinary repair and servicing costs. en-us Thu, 20 Apr 1978 00:00:00 +0530 Tue, 23 Mar 2010 17:02:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36653 Interest on borrowed capital and municipal taxes were treated as deductible business expenditure where the borrowing was used to acquire a business asset and the proposed construction was connected with the assessee's office requirements; the attempt to treat the outlay as house property-related was rejected because no house property existed in the relevant years. Rebate of super-tax under section 99(1)(iv) was held to apply to the gross dividend received, not the reduced figure after section 56(2) deductions. Office renovation expenses, including wooden panelling, were allowed as revenue expenditure because they did not create any enduring asset or advantage and were regarded as ordinary repair and servicing costs. Case-Laws Income Tax Thu, 20 Apr 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36653