https://www.taxtmi.com/caselaws?id=207122 The High Court held that interest deduction under Section 36(1)(iii) of the Income-tax Act is permissible for borrowed funds used for business purposes, even if for acquiring capital assets. The investment in shares of another company was deemed to facilitate business operations and technological advancements, qualifying as a business purpose. The Court dismissed the appeals and ruled in favor of the assessee, allowing the deduction of interest paid on the borrowed capital. en-us Tue, 30 Aug 2011 00:00:00 +0530 Tue, 29 Nov 2011 08:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207122 The High Court held that interest deduction under Section 36(1)(iii) of the Income-tax Act is permissible for borrowed funds used for business purposes, even if for acquiring capital assets. The investment in shares of another company was deemed to facilitate business operations and technological advancements, qualifying as a business purpose. The Court dismissed the appeals and ruled in favor of the assessee, allowing the deduction of interest paid on the borrowed capital. Case-Laws Income Tax Tue, 30 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207122