2017 (4) TMI 669

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.... For Respondent : Mr. Amar Dave,Adv. Mrs. Nandini Gore,Adv. Mr. P. S. Sudheer,Adv. Mr. Rishi Maheshwari,Adv. Ms. Anne Mathew,Adv. Ms. Shruti Jose,Adv. ORDER Civil Appeal Nos.4072-4073/2007 The only question on which the leave has been granted by this Court's order dated 31st August, 2007 is as follows: "When the assessee had itself capitalized the interest and other expendit....

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.... The Commissioner of Income Tax (Appeals) vide order dated 5.3.2004 allowed the claim of the respondent-assessee only to the extent of interest amount of Rs. 2,92,45,670/- paid on loans taken by it for establishing the industry. He, however, disallowed the other expenditures, namely, financial charges, professional expenses, upfront fee etc. The Revenue, feeling aggrieved by the said allowan....

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....as affirmed the view taken by the Gujarat High Court. In this view of the matter, we are of the considered opinion that the Income Tax Appellate Tribunal was justified in allowing the expenditure of Rs. 3,37,84,348/- towards the interest paid on the loans taken and expenditure on other items connected connected herewith for establishment of the unit, while affirming the order of the Commissione....