https://www.taxtmi.com/caselaws?id=306887 The High Court ruled in favor of the assessee in a Tax Appeal case concerning the validity of reopening assessment and the disallowance of interest on Secured Promissory Notes. The court held that interest on capital borrowed for business purposes was deductible under section 36(1)(iii) of the Income Tax Act, without distinguishing between capital and revenue assets. The court disposed of the appeal in favor of the assessee, clarifying the legal principles and allowing the deduction of interest on borrowed capital for business purposes. en-us Wed, 11 Oct 2017 00:00:00 +0530 Fri, 03 Mar 2023 22:18:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306887 The High Court ruled in favor of the assessee in a Tax Appeal case concerning the validity of reopening assessment and the disallowance of interest on Secured Promissory Notes. The court held that interest on capital borrowed for business purposes was deductible under section 36(1)(iii) of the Income Tax Act, without distinguishing between capital and revenue assets. The court disposed of the appeal in favor of the assessee, clarifying the legal principles and allowing the deduction of interest on borrowed capital for business purposes. Case-Laws Income Tax Wed, 11 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306887