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
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