[aaykarbhavan] No disallowance of borrowing cost by AO on pretext of it being capital in nature if it was utilized for business

No disallowance of borrowing cost by AO on pretext of it being capital in nature if it was utilized for business

July 1, 2014[2014] 45 taxmann.com 483 (Allahabad)

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

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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