2008 (2) TMI 10

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....or determination which questions are as follow: "(1) Whether interest paid in respect of borrowings on capital assets not put to use in the concerned financial year can be permitted as allowable deduction under Section 36(1)(iii) of the Income-tax Act, 1961?" (2) Whether respondent-assessee had an option in law to claim partial depreciation in respect of any block of assets. 4. Our answer....

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.... the direction to the High Court to consider : whether the assessee has an option in law to claim partial depreciation in respect of block of assets.  In the case of Mahendra Mills (supra) the concept of block of assets was not there.  In our view, substantial question of law did arise for determination before the High Court under Section 260A of the 1961 Act, particularly when Section 3....