https://www.taxtmi.com/caselaws?id=28001 The court held that the interest payment made by the assessee was not allowable as a deduction under Section 36(1)(iii) of the Income Tax Act, 1961, as the transaction did not involve borrowing for business purposes. Additionally, the court ruled that the assessee was not entitled to depreciation on capital assets used for scientific research if the full value of the assets had already been deducted under Section 35(2) in a prior year, due to a retrospective amendment. Both issues were decided against the assessee, with no order as to costs. en-us Tue, 08 Nov 1983 00:00:00 +0530 Wed, 17 Feb 2010 13:09:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28001 The court held that the interest payment made by the assessee was not allowable as a deduction under Section 36(1)(iii) of the Income Tax Act, 1961, as the transaction did not involve borrowing for business purposes. Additionally, the court ruled that the assessee was not entitled to depreciation on capital assets used for scientific research if the full value of the assets had already been deducted under Section 35(2) in a prior year, due to a retrospective amendment. Both issues were decided against the assessee, with no order as to costs. Case-Laws Income Tax Tue, 08 Nov 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28001