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2013 (2) TMI 626 - SCH - Income TaxInterest on monies borrowed for setting up sugar plant – assessee set up Ferro Alloys Plant in 1991 & sugar plant in 1995 - HC has [2008 (11) TMI 43 - HIGH COURT DELHI] uphold the decision of Tribunal that there is a unity of control and management, in respect of both plants and there is also intermingling of funds and dove-tailing of businesses - hence it cannot be said that the assessee had not commenced its business and hence, interest would have to be capitalized - financial charges i.e., interest is allowable as deduction u/s 36(1)(iii) - Appeal against the Decision of HC dismissed by the apex court in view of the concurrent findings recorded by the courts below. - In favor of assessee.
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