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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—Business Expenditure - 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 - JINDAL REALTY (P.) LTD. V/s ASSTT. CIT - [2020] 183 ITD 228 (ITAT-DELHI)

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