https://www.taxtmi.com/caselaws?id=38500 The High Court of Madras ruled in favor of the assessee, allowing the capitalization of expenses such as interest on borrowed capital and technical training fees for claiming depreciation and development rebate. The court directed further assessment by the Tribunal to determine the eligibility of other expenses like managing agency remuneration and directors' sitting fees for capitalization based on their necessity in asset creation or operation. The assessee was awarded costs for prevailing in the case, emphasizing that expenses essential for asset creation and operation can be capitalized for tax benefits. en-us Thu, 01 Apr 1976 00:00:00 +0530 Tue, 06 Apr 2010 17:15:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38500 The High Court of Madras ruled in favor of the assessee, allowing the capitalization of expenses such as interest on borrowed capital and technical training fees for claiming depreciation and development rebate. The court directed further assessment by the Tribunal to determine the eligibility of other expenses like managing agency remuneration and directors' sitting fees for capitalization based on their necessity in asset creation or operation. The assessee was awarded costs for prevailing in the case, emphasizing that expenses essential for asset creation and operation can be capitalized for tax benefits. Case-Laws Income Tax Thu, 01 Apr 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38500