https://www.taxtmi.com/caselaws?id=29392 The High Court of Bombay ruled in favor of the assessee in a case concerning the deduction of interest paid on capital borrowed for a new industrial undertaking, the "Thana project." The Court disagreed with the Income Tax Officer and the Appellate Authority Commissioner, holding that the new project was not entirely separate from the existing business of the assessee. The Court confirmed the Tribunal's decision to allow the deduction of Rs. 21,117 and directed each party to bear their own costs of the reference. en-us Fri, 11 Sep 1981 00:00:00 +0530 Fri, 12 Mar 2010 15:31:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29392 The High Court of Bombay ruled in favor of the assessee in a case concerning the deduction of interest paid on capital borrowed for a new industrial undertaking, the "Thana project." The Court disagreed with the Income Tax Officer and the Appellate Authority Commissioner, holding that the new project was not entirely separate from the existing business of the assessee. The Court confirmed the Tribunal's decision to allow the deduction of Rs. 21,117 and directed each party to bear their own costs of the reference. Case-Laws Income Tax Fri, 11 Sep 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29392