Sumeru Enterprises vs ITO

Whether interest paid on fresh loans taken to repay old business loans is allowable as business expenditure under section 37(1) of the Income Tax Act 1961 --- Held Yes; Whether depreciation claimed is a statutory allowance that must be allowed --- Held Yes; Whether exceptional items claimed under section 36(1)(vii) are allowable as business expenditure --- Held Yes; Whether set-off of brought forward unabsorbed business loss and depreciation should be allowed --- Held Yes.