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Interest paid on loan taken for purchase of land used as stock-in-trade to be allowed as revenue exp.

July 17, 2018[2018] 96 38 (Bombay)/[2018] 257 Taxman 103 (Bombay)

IT: Where assessee, engaged in construction business, purchased plot of land out of borrowed funds for implementation of a project, since plot of land was purchased in course of business of assessee, same formed part of its stock-in-trade, and, therefore, interest paid on borrowings for purchase of said land was to be allowed as revenue expenditure

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