https://www.taxtmi.com/caselaws?id=191635 The High Court upheld the Tribunal's decision, ruling in favor of the assessee. It held that the requirement of Central Government approval under Section 36(1)(viii) of the Act was procedural and not mandatory, especially since the provision was deleted from 01.04.2000 onwards. As the CBDT had not rejected the application for approval and considering the public interest in infrastructure development, the assessee was entitled to the deduction for interest income as capital in nature for the assessment year 1999-2000. The appeal was dismissed. en-us Tue, 21 Feb 2012 00:00:00 +0530 Mon, 10 Apr 2017 17:03:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191635 The High Court upheld the Tribunal's decision, ruling in favor of the assessee. It held that the requirement of Central Government approval under Section 36(1)(viii) of the Act was procedural and not mandatory, especially since the provision was deleted from 01.04.2000 onwards. As the CBDT had not rejected the application for approval and considering the public interest in infrastructure development, the assessee was entitled to the deduction for interest income as capital in nature for the assessment year 1999-2000. The appeal was dismissed. Case-Laws Income Tax Tue, 21 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191635