TMI Blog1979 (1) TMI 35X X X X Extracts X X X X X X X X Extracts X X X X ..... under s. 256(1) of the I.T. Act, 1961 (hereinafter referred to as the Act), in the above case reads : " Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is right in law in holding that the money borrowed and utilised in the construction of the new factory building was for the purpose of the assessee's business and therefore, the interest payment on such borrowi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... incurred for constructing such buildings, the assessee borrowed monies and on such borrowings paid interest. We are of the view that the Tribunal was right in holding that the interest paid was deductible as revenue expenditure irrespective of the fact that the buildings in question had not been actually put to use for carrying on business during the accounting year by the assessee. This view acc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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