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2008 (5) TMI 436 - HC - Income TaxExpenditure on setting up a new business - Interest paid for the funds borrowed for setting up of a new business - foreign travel expenditure – Held that: when it has been observed that the expenditure in question has admittedly been incurred in the capital field connected with the setting up of the new project for the production/ procurement of milk and milk products - the expenditure in connection with the foreign travel was not allowable on revenue account as the same was capitalised under the head capital "work-in-progress" - Tribunal is right in law and on facts in allowing deduction of interest amounting to Rs. 38,92,769 under section 36(1)(iii)
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