Interest on Plant & Machinery Usage Classified as Revenue Expense; Includes Letter of Credit & Interest Charges.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Nature of interest expenditure - revenue or capital - plant and machineries have been “put to use” during the year under consideration. Therefore, the expense incurred by assessee on account of LC charges and interest charges should be treated as revenue in nature - AT....