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2016 (7) TMI 330 - GUJARAT HIGH COURTDisallowance of pre-operative expenses - nature of payment of interest on loan taken for expansion of the Steel Project - Held that:- Considering the decision of this Court in the case of Gujarat State Fertilizer and Chemicals Ltd. (2008 (8) TMI 313 - GUJARAT HIGH COURT) the question, which is raised in the present appeal is required to be answered in favour of the assessee. We are not giving any elaborate reasons for the same as in the case of Gujarat State Fertilizer and Chemicals Ltd. (Supra) it is held by this Court that since there was no dispute about the fact that the capital borrowed was used for the purpose of the business, the interest on the borrowed capital was deductible under Section 36(1)(iii). - Decided in favour of the assessee
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