No disallowance of borrowing cost by AO on pretext of it being capital in nature if it was utilized for business
IT : Total preliminary expenses has to be apportioned and allowed in ten successive previous years
IT: Where genuineness of preliminary expenditure was not disputed, no disallowance could be made merely on ground that same was claimed on deferred basis
IT: Where interest bearing funds was utilised for business purpose, fees for borrowings could not be disallowed
Regards
Prarthana Jalan
__._,_.___
Posted by: Prarthana Jalan <prarthanajalan@ymail.com>
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