https://www.taxtmi.com/caselaws?id=36861 An amount described as interest payable to the Government in connection with a proposed purchase of factory land and building was held to be part of the aggregate acquisition cost rather than a revenue outgoing. Because the property had not yet been transferred and the payment formed part of the consideration for acquiring an immovable capital asset, it retained capital character and was not deductible as revenue expenditure. The concurring view also noted that the record did not establish the payment as true interest, and that the computation appeared only to fix the sale price. en-us Tue, 05 Feb 1980 00:00:00 +0530 Thu, 25 Mar 2010 10:55:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36861 An amount described as interest payable to the Government in connection with a proposed purchase of factory land and building was held to be part of the aggregate acquisition cost rather than a revenue outgoing. Because the property had not yet been transferred and the payment formed part of the consideration for acquiring an immovable capital asset, it retained capital character and was not deductible as revenue expenditure. The concurring view also noted that the record did not establish the payment as true interest, and that the computation appeared only to fix the sale price. Case-Laws Income Tax Tue, 05 Feb 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36861