https://www.taxtmi.com/caselaws?id=327495 The Calcutta High Court ruled in favor of the assessee in a case involving the interpretation of Section 37(1) of the Income Tax Act. The Court held that the interest payment made towards the purchase of debentures was allowable as business expenditure under Section 37(1) as the debentures were considered business assets rather than investments. The Court affirmed the findings of the CIT (A) and the Tribunal, dismissing the appeal and directing each party to bear their costs. en-us Wed, 04 May 2016 00:00:00 +0530 Thu, 12 May 2016 01:22:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327495 The Calcutta High Court ruled in favor of the assessee in a case involving the interpretation of Section 37(1) of the Income Tax Act. The Court held that the interest payment made towards the purchase of debentures was allowable as business expenditure under Section 37(1) as the debentures were considered business assets rather than investments. The Court affirmed the findings of the CIT (A) and the Tribunal, dismissing the appeal and directing each party to bear their costs. Case-Laws Income Tax Wed, 04 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327495