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Once the business had been set up and also commenced in instant year itself, then the interest expenses claimed by the assessee and any other expenditure claimed by the assessee is to be allowed as business expenditure. The assessee had also parked certain funds temporarily in the bank FDRs, on which it had earned interest which is to include also as business income in the hands of the assessee.

Shanti Prime Publication Pvt. Ltd.

Section 36(1)(iii) of the Income-tax Act, 1961—Interest on borrowed capital—Once the business had been set up and also commenced in instant year itself, then the interest expenses claimed by the assessee and any other expenditure claimed by the assessee is to be allowed as business expenditure - Assessee having not only set up its business but had also commenced its business during the previous year itself as assessee having also invested substantial amount in the purchase of another property in the year itself, thus, set up of its business as per its Memorandum of Understanding was done, since it was engaged in the business of real estate- - JINDAL REALTY (P.) LTD. V/s ASSTT. CIT - [2020] 26 ITCD Online 129 (ITAT-DELHI)

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