https://www.taxtmi.com/caselaws?id=777128 ITAT, Mumbai held that the assessee's business of setting up a thermal power project was already established, so expenditures debited to the profit and loss account for business purpose are allowable; the matter is remitted to the AO for verification of nature and details and grant of deduction after opportunity of hearing. Interest and finance costs may be allowed under business expenditure or under section 57(iii) (if treated as relating to interest income), but only once after examination. Interest and miscellaneous receipts were held to be income from other sources. Addition for forex gain on an overseas loan was deleted. en-us Tue, 29 Jul 2025 00:00:00 +0530 Mon, 23 Feb 2026 13:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777128 ITAT, Mumbai held that the assessee's business of setting up a thermal power project was already established, so expenditures debited to the profit and loss account for business purpose are allowable; the matter is remitted to the AO for verification of nature and details and grant of deduction after opportunity of hearing. Interest and finance costs may be allowed under business expenditure or under section 57(iii) (if treated as relating to interest income), but only once after examination. Interest and miscellaneous receipts were held to be income from other sources. Addition for forex gain on an overseas loan was deleted. Case-Laws Income Tax Tue, 29 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777128