https://www.taxtmi.com/caselaws?id=33982 The court allowed the tax appeal in favor of the appellant, holding that the interest paid on borrowed capital used for business purposes should be deductible under section 36(1)(iii) of the Income-tax Act, 1961. The court disagreed with the Tribunal's decision to disallow the interest paid in respect of the capital borrowed for installing a second caprolactum plant, citing the Supreme Court's decision in Deputy CIT v. Core Health Care Ltd. The appeal was decided against the Revenue, and the appellant's claim for deduction of interest expenses was upheld. en-us Fri, 22 Aug 2008 00:00:00 +0530 Wed, 01 Jul 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33982 The court allowed the tax appeal in favor of the appellant, holding that the interest paid on borrowed capital used for business purposes should be deductible under section 36(1)(iii) of the Income-tax Act, 1961. The court disagreed with the Tribunal's decision to disallow the interest paid in respect of the capital borrowed for installing a second caprolactum plant, citing the Supreme Court's decision in Deputy CIT v. Core Health Care Ltd. The appeal was decided against the Revenue, and the appellant's claim for deduction of interest expenses was upheld. Case-Laws Income Tax Fri, 22 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33982