2000 (2) TMI 34

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....paid by the assessee to the financial institutions are deductible as a revenue expenditure. In the case of India Cements Ltd. v. CIT [1966] 60 ITR 52, the Supreme Court has laid down that the act of borrowing was incidental to the carrying on of business, the loan obtained was not an asset or an advantage of enduring nature and, therefore, the expenditure made for securing the use of money for a c....