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Purchase of plant for mining of limestone which shall be used as raw material is capital expenditure

May 8, 2020[2020] 115 taxmann.com 337 (Bombay)/[2020] 420 ITR 323 (Bombay)

INCOME TAX : Interest paid by assessee-company, engaged in manufacturing of fertilizers and cement, on loan borrowed for setting up of argon gas plant, being paid for business purpose, was to be allowed as revenue expenditure even when said plant was not put to use during assessment year under consideration

INCOME TAX : Where assessee company incurred an expenditure for purchasing plant for mining of limestone to be used as a raw material, since assessee had obtained a long term captive source of raw material by purchase of plant, impugned expenditure incurred by a assessee would be on capital account

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