1992 (1) TMI 84

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..... the Income-tax Act, 1961, both dated September 9, 1986, issued by the Inspecting Assistant Commissioner of Income-tax, Assessment Range-XI, Calcutta, for the assessment years 1980-81 and 1981-82. The allegation in the notice is that : "Interest claimed for loans taken to set up new projects had been allowed by the Income-tax Officer when the new project was not commissioned during the previou .....

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..... m time to time. Ultimately, the Tribunal remanded the matter in the assessment year 1982-83 to the Inspecting Assistant Commissioner far finding out certain facts. The petitioner's grievance is that, in spite of the order of the Tribunal which has been upheld by this court, two show cause notices had been issued. The amount of the interest on capital borrowed is clearly allowable under section 3 .....

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