Court held that; plot of land was purchased in course of business of assessee, same formed part of stock-in-trade of assessee, therefore, interest paid on loan taken for purchase of said plot of land is to be allowed as revenue expenditure.( AY. 1998-99)
Jayantilal Investments v. ACIT (2018) 257 Taxman 103/ 170 DTR 220 (Bom)( HC)
S. 36(1)(iii) :Interest on borrowed capital -Construction business-Stock in trade – Interest paid on borrowings for purchase land -Allowable as revenue expenditure.