Allowability of interest expenditure u/s 36(1)(iii) - prior to its amendment by Finance Act, 2015 -...

Allowability of interest expenditure u/s 36(1)(iii) - prior to its amendment by Finance Act, 2015 - prohibition of claim of interest on revenue account only where capital was borrowed for acquisition of an asset for ‘extension of existing business or profession’ - since capital borrowed resulted in acquisition of asset without resulting in extension of existing business per se - revenue expenditure .....

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