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2015 (1) TMI 822 - HC - Income TaxEntitlement to deduction of interest u/s 36(1)(iii) - funds borrowed for the purpose of setting up new units for the manufacturing of corrugated boxes - Held that:- Considering the decisions of Core Health Care case(2008 (2) TMI 8 - SUPREME COURT OF INDIA) as well as this Court in the case of Gujarat State Fertilizer and Chemical ltd. (2008 (8) TMI 313 - GUJARAT HIGH COURT) question is answered in the affirmative as Tribunal is right in law and on facts in holding that the assessee was entitled to deduction of interest amounting to ₹ 26,02,575/- made u/s 36(1)(iii) of the Act, incurred by the assessee in respect of funds borrowed for the purpose of setting up new units for the manufacturing of corrugated boxes. - Decided in favour of assessee.
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