TMI Blog2002 (12) TMI 44X X X X Extracts X X X X X X X X Extracts X X X X ..... to us in the negative, in favour of the Revenue and against the assessee. - - - - - Dated:- 3-12-2002 - Judge(s) : N. V. BALASUBRAMANIAN., K. RAVIRAJA PANDIAN. JUDGMENT The judgment of the court was delivered by .V. BALASUBRAMANIAN J.-The Tribunal has stated a case at the instance of the Revenue and referred the following question of law in relation to the assessment year 1986-87 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see directing the Assessing Officer to allow depreciation on deferred payment guarantee interest capitalised. The Tribunal on appeal by the Revenue also confirmed the view of the Commissioner of Income-tax (Appeals). Hence, the present reference. Heard Mrs. Pushya Sitharaman, learned senior standing counsel for the Revenue, and Mr. Janardhana Raja, learned counsel for the assessee. Learned couns ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er be deemed to have been included as part of the actual cost of the asset. The words of Explanation 8 to section 43(1) of the Act are fairly wide to include any amount paid as interest in connection with the acquisition of an asset. Therefore, even if the seller has issued a consolidated bill, if the amount paid by the assessee represents the interest payment, then it is not open to the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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