https://www.taxtmi.com/caselaws?id=791531 Interest on borrowed funds used for the assessee's business was treated as allowable business expenditure because the borrowing and its business use were factually established, and the deduction could not be denied merely because the claim was shown under a different head in the return. The commentary also states that the rule against entertaining a fresh claim without a revised return applies at the Assessing Officer stage and does not restrict appellate powers, so an alternate claim supported by the record may be admitted in appeal even if not originally made in that form. en-us Fri, 08 May 2026 00:00:00 +0530 Tue, 09 Jun 2026 14:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=791531 Interest on borrowed funds used for the assessee's business was treated as allowable business expenditure because the borrowing and its business use were factually established, and the deduction could not be denied merely because the claim was shown under a different head in the return. The commentary also states that the rule against entertaining a fresh claim without a revised return applies at the Assessing Officer stage and does not restrict appellate powers, so an alternate claim supported by the record may be admitted in appeal even if not originally made in that form. Case-Laws Income Tax Fri, 08 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=791531