No disallowance of borrowing cost by AO on pretext of it being capital in nature if it was utilized for business

July 1, 2014[2014] 45 taxmann.com 483 (Allahabad)

IT : Total preliminary expenses has to be apportioned and allowed in ten successive previous years

IT: Where genuineness of preliminary expenditure was not disputed, no disallowance could be made merely on ground that same was claimed on deferred basis

IT: Where interest bearing funds was utilised for business purpose, fees for borrowings could not be disallowed