https://www.taxtmi.com/caselaws?id=49373 Interest paid on borrowing used to acquire a plantation was treated as revenue expenditure, not capital expenditure, because it did not create a new asset or enduring benefit and formed part of the circulating capital employed in the business. It was also held not to be a personal expense, since interest paid to discharge a borrowing for plantation acquisition was not an expense on the person or for personal needs. The expenditure was found to be laid out wholly and exclusively for the purpose of the plantation, as the borrowing and interest were part of an integrated commercial transaction directly connected with earning agricultural income, and the full deduction was therefore admissible. en-us Thu, 30 Apr 1964 00:00:00 +0530 Sat, 23 Aug 2014 11:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49373 Interest paid on borrowing used to acquire a plantation was treated as revenue expenditure, not capital expenditure, because it did not create a new asset or enduring benefit and formed part of the circulating capital employed in the business. It was also held not to be a personal expense, since interest paid to discharge a borrowing for plantation acquisition was not an expense on the person or for personal needs. The expenditure was found to be laid out wholly and exclusively for the purpose of the plantation, as the borrowing and interest were part of an integrated commercial transaction directly connected with earning agricultural income, and the full deduction was therefore admissible. Case-Laws Income Tax Thu, 30 Apr 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49373