https://www.taxtmi.com/caselaws?id=32150 The Bombay HC upheld the CIT(A) and ITAT's decision allowing interest deduction on borrowed funds. Revenue argued that shareholder funds were used for fixed assets/investments, making interest disallowance justified. However, the tribunal found the assessee had sufficient interest-free funds of Rs. 398.19 crores, including Rs. 180 crores share capital, available for investments. The HC ruled that the factual findings by lower authorities were correct and additions made by Revenue were not justified. en-us Fri, 09 Jan 2009 00:00:00 +0530 Tue, 10 Jun 2025 17:27:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=32150 The Bombay HC upheld the CIT(A) and ITAT's decision allowing interest deduction on borrowed funds. Revenue argued that shareholder funds were used for fixed assets/investments, making interest disallowance justified. However, the tribunal found the assessee had sufficient interest-free funds of Rs. 398.19 crores, including Rs. 180 crores share capital, available for investments. The HC ruled that the factual findings by lower authorities were correct and additions made by Revenue were not justified. Case-Laws Income Tax Fri, 09 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=32150