https://www.taxtmi.com/caselaws?id=175610 Interest on borrowed funds is deductible only where the assessee shows use for business purposes; diversion of such funds as interest-free loans to subsidiary or associate concerns justified disallowance to that extent, and the issue was decided for the Revenue. On interest relating to investment in subsidiary shares, the Court applied consistency in tax matters and upheld the earlier view because facts had not changed and no contrary binding decision was shown; this issue was decided for the assessee. Fee paid for a pollution board certificate valid for 15 years was held allowable in the year of payment, as the period of validity did not require amortisation over future years; this issue was also decided for the assessee. en-us Thu, 21 Dec 2006 00:00:00 +0530 Mon, 26 Feb 2024 15:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175610 Interest on borrowed funds is deductible only where the assessee shows use for business purposes; diversion of such funds as interest-free loans to subsidiary or associate concerns justified disallowance to that extent, and the issue was decided for the Revenue. On interest relating to investment in subsidiary shares, the Court applied consistency in tax matters and upheld the earlier view because facts had not changed and no contrary binding decision was shown; this issue was decided for the assessee. Fee paid for a pollution board certificate valid for 15 years was held allowable in the year of payment, as the period of validity did not require amortisation over future years; this issue was also decided for the assessee. Case-Laws Income Tax Thu, 21 Dec 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=175610