https://www.taxtmi.com/caselaws?id=373703 The High Court affirmed the Tribunal's decision to allow the deduction of interest credited to the decommissioning Reserve fund. The Court held that the interest expenditure was rightfully claimed as a deduction by the assessee, as the funds collected were used for business purposes in accordance with the Government's directives. The Court emphasized that the funds were designated for decommissioning the plant at the end of its useful life and were temporarily utilized for business operations, akin to borrowing funds from the market. The Income Tax Appeal was dismissed, upholding the Tribunal's decision. en-us Tue, 15 Jan 2019 00:00:00 +0530 Thu, 17 Jan 2019 14:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373703 The High Court affirmed the Tribunal's decision to allow the deduction of interest credited to the decommissioning Reserve fund. The Court held that the interest expenditure was rightfully claimed as a deduction by the assessee, as the funds collected were used for business purposes in accordance with the Government's directives. The Court emphasized that the funds were designated for decommissioning the plant at the end of its useful life and were temporarily utilized for business operations, akin to borrowing funds from the market. The Income Tax Appeal was dismissed, upholding the Tribunal's decision. Case-Laws Income Tax Tue, 15 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373703