Interest on money borrowed for business is allowable as business expenditure

DCIT Vs Applitech Solution Ltd (ITAT Ahmedabad) ITAT Ahmedabad held that interest paid on money borrowed for the purpose of business is allowable as business expenditure. Facts- The assessee is engaged in business of development of software and providing IT consultancy services. For assessment year 2000-01, the then A.O. disallowed assessee’s claim of depreciation on computer hardware and interest paid to bank for term loan and working capital vide order dated 28-03-2023. Subsequently, the assessee preferred appeal against the order of A.Y. 2000-01 before ITAT. In the meantime on the basis o...