TMI Blog2017 (10) TMI 1627X X X X Extracts X X X X X X X X Extracts X X X X ..... uction arises out of section 36(1)(iii) of the Act under which while computing the income u/s 28 of the Act, the deduction of the amount of interest paid in respect of capital borrowed for the purposes of the business or profession would be a deductible expenditure. The first objection of the Revenue is squarely covered by the judgment in case of Core health Care ltd [ 2008 (2) TMI 8 - SUPREME ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t No. 1 : Mrs Mauna M Bhatt, Advocate. ORAL ORDER PER : HONOURABLE MR.JUSTICE AKIL KURESHI 1. This Tax Appeal is filed by the assessee challenging the judgement of the Income Tax Appellate Tribunal dated 18.08.2006. The Tax appeal was admitted for consideration of following substantial questions of law: 1) Whether in the facts and circumstances of the case the Income Tax Appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dressing the issue of the very nature of the transaction, we may clear a few peripheral issues. We have noted at some length the reasonings recorded by the Assessing Officer, CIT(Appeals) and the Tribunal. Since all the three authorities have reached at the same conclusions but by adopting slightly different routes, if we superimpose the orders of the three authorities below eliminating the repeti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... would be a deductible expenditure. The first objection of the Revenue is squarely covered by the judgment in case of Core health Care ltd.(supra). While confirming the decision of this Court, it was held that for the said deduction, all that was necessary was that the money i.e. capital must have been borrowed by the assessee, that it must have been borrowed for the purpose of business and lastly, ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
