High Court of Bombay at Goa Dismisses Revenue's Appeal in Income Tax Case — Interest on Borrowings for Argon Gas Plant Held Revenue Expenditure, Payment to Texmaco Allowed as Deferred Revenue Expenditure. Interest of Rs.1,97,91,197/- paid on borrowings for setting up Argon Gas Plant, capitalized in books, held to be revenue expenditure even before plant operation; payment of Rs.7,09,10,000/- to Texmaco allowed as deferred revenue expenditure amortised over 8 years....
The Commissioner of Income Tax appealed against the order of the Income Tax Appellate Tribunal (ITAT) which allowed the respondent-assessee, Zuari Industries Ltd., to treat interest of Rs.1,97,91,197/...
