https://www.taxtmi.com/caselaws?id=265674 The High Court of Calcutta dismissed the appeal, upholding the Tribunal's decision in favor of the assessee on both issues. The court ruled that interest paid on assets before installation can be considered as the cost of installation under section 43(1) of the Income Tax Act, 1961, and expenses for replacing a non-Y2K compliant computer with a Y2K compliant one are deductible under section 36(1)(xi) of the Act. Justices Soumitra Pal and Ishan Chandra Das concurred with the judgment, citing relevant legal principles and precedents. en-us Mon, 14 Sep 2015 00:00:00 +0530 Wed, 14 Oct 2015 12:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265674 The High Court of Calcutta dismissed the appeal, upholding the Tribunal's decision in favor of the assessee on both issues. The court ruled that interest paid on assets before installation can be considered as the cost of installation under section 43(1) of the Income Tax Act, 1961, and expenses for replacing a non-Y2K compliant computer with a Y2K compliant one are deductible under section 36(1)(xi) of the Act. Justices Soumitra Pal and Ishan Chandra Das concurred with the judgment, citing relevant legal principles and precedents. Case-Laws Income Tax Mon, 14 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265674