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2015 (1) TMI 423 - HC - Income TaxDisllowance of interest - Whether on the facts and in the circumstances of the case, the Tribunal was right in disallowing the interest treating the amount borrowed for the purpose of bringing the assets into existence for the purpose of establishment of plants for manufacturing ONCB,PNCB, ONT and PNT - Held that:- Following decision of GUJARAT STATE FERTILIZER AND CHEMICALS LTD. Versus ASSISTANT COMMISSIONER OF INCOME-TAX [2008 (8) TMI 313 - GUJARAT HIGH COURT] - respondent is not in a position to show any later decision of the Apex Court taking a contrary view than that taken in these matters - Decided in favour of assesse.
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