https://www.taxtmi.com/caselaws?id=297131 The Tribunal upheld the disallowance of interest expenditure under Section 36(1)(iii) for the assessment years 2005-06, 2006-07, and 2009-10, as the funds were borrowed for acquiring a capital asset not yet put to use. The set-off of brought forward business loss for 2006-07 was denied due to the absence of available loss after the previous year's set-off. However, the disallowance of depreciation on a car for 2009-10 was partially overturned, allowing depreciation despite the car being registered in the Director's name. en-us Wed, 01 Oct 2014 00:00:00 +0530 Sat, 21 Aug 2021 08:31:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297131 The Tribunal upheld the disallowance of interest expenditure under Section 36(1)(iii) for the assessment years 2005-06, 2006-07, and 2009-10, as the funds were borrowed for acquiring a capital asset not yet put to use. The set-off of brought forward business loss for 2006-07 was denied due to the absence of available loss after the previous year's set-off. However, the disallowance of depreciation on a car for 2009-10 was partially overturned, allowing depreciation despite the car being registered in the Director's name. Case-Laws Income Tax Wed, 01 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297131