https://www.taxtmi.com/caselaws?id=58553 The Tribunal allowed the appeal by the assessee against the disallowance of interest paid to the Government of India on a loan for the Orissa project for assessment years 1976-77 and 1977-78. The Tribunal held that the interest paid on the borrowed capital for the extension of the business was deductible under section 36(1)(iii) of the Income-tax Act, 1961, as it constituted capital borrowed for the running business. The decision was based on the interpretation of relevant case law and the nature of the assessee's business, ultimately ruling in favor of the assessee. en-us Fri, 17 Feb 1984 00:00:00 +0530 Mon, 20 Dec 2010 15:48:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58553 The Tribunal allowed the appeal by the assessee against the disallowance of interest paid to the Government of India on a loan for the Orissa project for assessment years 1976-77 and 1977-78. The Tribunal held that the interest paid on the borrowed capital for the extension of the business was deductible under section 36(1)(iii) of the Income-tax Act, 1961, as it constituted capital borrowed for the running business. The decision was based on the interpretation of relevant case law and the nature of the assessee's business, ultimately ruling in favor of the assessee. Case-Laws Income Tax Fri, 17 Feb 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58553