https://www.taxtmi.com/caselaws?id=5521 SC allowed the appeal, holding that interest on loans borrowed to construct a cinema theatre was deductible under section 36(1)(iii) because the loans were obtained for the purpose of the assessee's business. The court found that subsequent transfer or closure of that business segment did not negate the business purpose at the time the loans were taken. The Tribunal's factual finding that the assessee carried on a composite business (jewellery and cinema) further supported allowing the deduction. en-us Fri, 26 Apr 1996 00:00:00 +0530 Wed, 15 Oct 2025 11:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5521 SC allowed the appeal, holding that interest on loans borrowed to construct a cinema theatre was deductible under section 36(1)(iii) because the loans were obtained for the purpose of the assessee's business. The court found that subsequent transfer or closure of that business segment did not negate the business purpose at the time the loans were taken. The Tribunal's factual finding that the assessee carried on a composite business (jewellery and cinema) further supported allowing the deduction. Case-Laws Income Tax Fri, 26 Apr 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5521