https://www.taxtmi.com/caselaws?id=13281 The HC of Madras dismissed the appeal, confirming the ITAT's order that allowed the deduction of interest on debentures and corporate borrowings for the assessment year 1997-98. The Court found no substantial question of law, agreeing with the Tribunal that the CIT(A) erred by not issuing a notice under section 251(2) of the Income-tax Act, 1961, before making decisions prejudicial to the assessee. The decision followed the precedent set by India Cements Ltd. v. CIT, determining that interest on debentures and corporate borrowings does not constitute assets or advantages for enduring business benefits. en-us Thu, 14 Sep 2006 00:00:00 +0530 Fri, 23 Feb 2024 14:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13281 The HC of Madras dismissed the appeal, confirming the ITAT's order that allowed the deduction of interest on debentures and corporate borrowings for the assessment year 1997-98. The Court found no substantial question of law, agreeing with the Tribunal that the CIT(A) erred by not issuing a notice under section 251(2) of the Income-tax Act, 1961, before making decisions prejudicial to the assessee. The decision followed the precedent set by India Cements Ltd. v. CIT, determining that interest on debentures and corporate borrowings does not constitute assets or advantages for enduring business benefits. Case-Laws Income Tax Thu, 14 Sep 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13281