https://www.taxtmi.com/caselaws?id=27010 The High Court upheld the Tribunal's decision in favor of the assessee, confirming that the machinery purchase price was financed through a loan from an approved source, meeting the criteria under rule 19A(3)(b) of the Income-tax Rules. The Court ruled that the assessee could carry forward the claimed deduction under section 80J for future set-off against profits, as the machinery purchase was considered as borrowed money. The Revenue's challenge was limited to a specific question referred by the Tribunal, and as crucial findings were not contested, the Court affirmed the Tribunal's decision without costs. en-us Wed, 12 Jun 1985 00:00:00 +0530 Wed, 10 Feb 2010 11:21:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27010 The High Court upheld the Tribunal's decision in favor of the assessee, confirming that the machinery purchase price was financed through a loan from an approved source, meeting the criteria under rule 19A(3)(b) of the Income-tax Rules. The Court ruled that the assessee could carry forward the claimed deduction under section 80J for future set-off against profits, as the machinery purchase was considered as borrowed money. The Revenue's challenge was limited to a specific question referred by the Tribunal, and as crucial findings were not contested, the Court affirmed the Tribunal's decision without costs. Case-Laws Income Tax Wed, 12 Jun 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27010