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2002 (7) TMI 3 - GUJARAT HIGH COURTInterest – borrowed capital/debit notes - "Whether Tribunal was right in law in holding that the assessee was entitled to deduction of interest for 12 months for the calendar year 1983 when the debit note was received after the close of the accounting year of the assessee?" - Revenue has not been able to dispute the fact that by making payment of interest the assessee-company does not stand to derive any advantage considering the assessment record of the assessee-company, which has been taken note of by the Tribunal. Similarly, that there is actual payment and Jyoti Limited, has paid tax on the interest received by Jyoti Limited is also not disputed. - for the reasons stated hereinbefore, it is not possible to accept any of the contentions raised on behalf of the Revenue there being no infirmity in the order of the Tribunal.
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