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2008 (11) TMI 43 - HC - Income TaxInterest on monies borrowed for setting up sugar plant – assessee set up Ferro Alloys Plant in 1991 & sugar plant in 1995 - Tribunal rightly hold that there is a unity of control and management, in respect of both plants and there is also intermingling of funds and dove-tailing of businesses - hence it cannot be said that the assessee had not commenced its business and hence, interest would have to be capitalized - financial charges i.e., interest is allowable as deduction u/s 36(1)(iii)
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