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2016 (5) TMI 476 - CALCUTTA HIGH COURT

2016 (5) TMI 476 - CALCUTTA HIGH COURT - TMI - Payment of interest towards purchase of debenture - revenue v/s capital expenditure - Held that:- The finding concurrently recorded both By the CIT (A) and the learned Tribunal that the debentures were held by way of business assets is not under challenge. In the absence of any challenge to the aforesaid finding it is axiomatic that the interest paid or payable for purchase of a business asset is allowable under section 36 - Decided against revenue .....

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has come up in appeal. The question formulated at the time of admission of the appeal reads as follows : Whether on the facts and in the circumstances of the case Tribunal was justified in allowing assessee s claim of payment of interest towards purchase of debenture as revenue expenditure under Section 37(1) of the Income Tax Act, 1961 ? The facts and circumstances, briefly stated are as follows : The assessee purchased 32,00,000 debentures of ₹ 100 each at a sum of ₹ 33,31,20,000/ .....

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on accounts for accounting policies mentions :- investment held by the company are long time in nature and are taken at cost The assessing officer, however, ignored and/or refused to attach any importance to the further notes which is as follows : The assessee added a note below the computation of income filed with the return in the following manner :- Investments in Debenture is a business of the Assessee in terms of the Memorandum and Articles of Association of the company as actually acted u .....

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