https://www.taxtmi.com/caselaws?id=753610 ITAT Delhi allowed the assessee's appeal on two grounds. First, legal and professional expenses incurred for evaluating potential investment in shares were held to be revenue expenditure, not capital expenditure, as these were preliminary steps for decision-making rather than for acquiring capital assets. Second, interest expenses on loans against mortgaged property were allowed as deductible business expenses since the funds were used for trading securities, which was within the company's business objects, and the company had substantial income from both rental (Rs. 3.09 crores) and securities trading (Rs. 100.36 crores). en-us Tue, 04 Jun 2024 00:00:00 +0530 Thu, 06 Jun 2024 08:22:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753610 ITAT Delhi allowed the assessee's appeal on two grounds. First, legal and professional expenses incurred for evaluating potential investment in shares were held to be revenue expenditure, not capital expenditure, as these were preliminary steps for decision-making rather than for acquiring capital assets. Second, interest expenses on loans against mortgaged property were allowed as deductible business expenses since the funds were used for trading securities, which was within the company's business objects, and the company had substantial income from both rental (Rs. 3.09 crores) and securities trading (Rs. 100.36 crores). Case-Laws Income Tax Tue, 04 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753610