2020 (2) TMI 841

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.... Opponent(s) No. 1 ORAL ORDER (PER : MR. J.B.PARDIWALA) 1. This tax appeal under Section 260A of the Income Tax Act, 1961 (for short "the Act, 1961") is at the instance of the Revenue and is directed against the order passed by the Income Tax Appellate Tribunal, Ahmedabad, Bench "C", Ahmedabad dated 28th May, 2019 in the ITA No.162/Ahd/2016 for the A.Y.2010-11. 2. The Revenue has propo....

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.... as proposed by the revenue is concerned, we take notice of the following findings recorded by the Tribunal; "6.5 In view of the decision rendered in similar circumstances in the case of Vodafone West Ltd, we are of the view that the assessee is entitled for claim of interest expenditure in revenue account in terms of section 36(1)(iii) of the Act. Noticeably, the pre-amended proviso to s....

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.... 6.5. An enunciation of law in this regard is available in Vardhman Polytex Ltd. vs. CIT (2012) 25 taxamnn.com 281(5C) wherein the Hon'ble Supreme Court also referred to another decision of Hon'ble Supreme Court in the case of Care Healthcare Ltd. and answered the issue in favour of assessee. It was held that interest paid in respect of borrowings for acquisition of capital assets is a....