https://www.taxtmi.com/caselaws?id=330674 The High Court upheld the decision of the Income Tax Appellate Tribunal (ITAT) and Commissioner of Income Tax (Appeals) in favor of the assessee regarding the disallowance of interest paid on nonconvertible debenture shares of a public issue. The court ruled that the interest on borrowed capital used for business purposes is deductible, regardless of whether the capital was used to acquire a revenue or capital asset. Citing the Deputy Commissioner of Income Tax v. Core Healthcare Ltd. case, the High Court dismissed the appeal, answering the primary legal question in favor of the assessee and against the department. en-us Fri, 08 Jul 2016 00:00:00 +0530 Tue, 02 Aug 2016 13:45:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330674 The High Court upheld the decision of the Income Tax Appellate Tribunal (ITAT) and Commissioner of Income Tax (Appeals) in favor of the assessee regarding the disallowance of interest paid on nonconvertible debenture shares of a public issue. The court ruled that the interest on borrowed capital used for business purposes is deductible, regardless of whether the capital was used to acquire a revenue or capital asset. Citing the Deputy Commissioner of Income Tax v. Core Healthcare Ltd. case, the High Court dismissed the appeal, answering the primary legal question in favor of the assessee and against the department. Case-Laws Income Tax Fri, 08 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330674