2026 (5) TMI 1566

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....: Sri Jose Joseph-SC. JUDGMENT PER DEVAN RAMACHANDRAN, J. This appeal challenges the order of the Income Tax Appellate Tribunal (ITAT), Cochin Bench - a copy of which having been produced and marked on record as Annexure-C. 2. Sri. Anil D. Nair, learned senior counsel, instructed by Smt. G. Chitra - appearing for the appellant, argued that the learned Tribunal has erred in not acceding....

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....ct' is misdirected and misconceived. He insisted that the learned Tribunal has acted without error and prayed that this appeal be dismissed. 4. We have examined the pleadings on record, as also the questions of law framed; and have tested them on the touchstone of the submissions made before us at the Bar. 5. Sri. Anil D. Nair - learned senior counsel, explained that his client borrows m....

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....iming any deduction. 7. In our view, the provisions of Section 36(1)(iii) of the Act would disallow any claim of deduction by the appellant because, she admits that after she borrowed money from others, it has been invested in the Firm as her capital. Going by Section 36(1)(iii) of 'the Act', it is only that amount which is paid as interest in respect of capital borrowed for the purpose....