Interest on Loans taken for Setting up Industry / Unit is allowable

The only question on which the leave has been granted by this Court’s order dated 31st August, 2007 is as follows: “When the assessee had itself capitalised the interest and other expenditure incurred towards creation assets. Whether the CIT(A) and the Tribunal were right and justified in allowing the assessee to claim the said expenditure as revenue expenditure without any just cause?” Briefly stated, the facts of the present appeals are as follows: Briefly stated, the facts of the present appeals are as follows: The respondent is a public limited company. For the assessment year 20...