Where assessee, engaged in business of running pre-schools, took term loan and utilised it for acquiring property used for purpose of pre-schooling business, assessee's claim for deduction of interest on said loan was to be allowed

IT : Where assessee, engaged in business of running pre-schools, took term loan and utilised it for acquiring property used for purpose of pre-schooling business, assessee's claim for deduction of interest on said loan was to be

allowed

IT : Foreign travel expenses incurred by assessee in connection with expansion of its business of running pre-schools, was to be allowed under section 37(1)

IT : Where assessee purchased certain shares which were shown as investment, in books of account, in view of fact that those shares were valued at cost price, income arising from subsequent sale of shares in question was taxable as short term capital gain

[2015] 54 taxmann.com 186 (Mumbai - Trib.)

IN THE ITAT MUMBAI BENCH 'G'

Assistant Commissioner of Income-tax-20 (1), Mumbai

v.

Ms. Geeta Bhatia