https://www.taxtmi.com/caselaws?id=11421 The High Court allowed the appeal, overturning previous decisions and instructing authorities to grant the appellant the benefit of section 36(1)(iii) of the Income-tax Act. The judgment emphasized that borrowed capital must be used for the assessee's business to claim interest deduction, regardless of outstanding dues collection practices. The Court highlighted the importance of interpreting the statute's plain language to determine eligibility for interest deduction on capital borrowings for business purposes. en-us Wed, 24 Sep 2003 00:00:00 +0530 Sat, 08 Aug 2009 11:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11421 The High Court allowed the appeal, overturning previous decisions and instructing authorities to grant the appellant the benefit of section 36(1)(iii) of the Income-tax Act. The judgment emphasized that borrowed capital must be used for the assessee's business to claim interest deduction, regardless of outstanding dues collection practices. The Court highlighted the importance of interpreting the statute's plain language to determine eligibility for interest deduction on capital borrowings for business purposes. Case-Laws Income Tax Wed, 24 Sep 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11421