Deduction under sec 36 (1) (iii) of the Act is allowed only after proving that the borrowed fund is utilized for business purpose
Last updated: 25 June 2012
Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
From the observation of the Judgment we can find the fact that the interest paid by the assessee on borrowed fund can claim as deduction only if the fund is utilized for business purpose.
Citation :
Assistant. CIT, Circle-1, Muzaffarnagar Vs. M/s Samrat Rice Mi lls (P) Ltd., Kairana,Muzaf farnagar
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CS Bijoy
Published in Income Tax
Views : 2599
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