Supreme Court of India
Assistant Commissioner of Income Tax, Ahmedabad v. Arvind Polycot Ltd.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
From the headnote
J.. Income Tax Act, 1961 - s.36(i)(iii) - Interest paid in c respect of borrowings on capital assets not put to use in the concerned financial year - Held : Is allowable deduction. The question which arose of consideration in the present appeal is : Whether interest paid in respect of borrowings on capital assets not put to use in the concerned financial year can be permitted as allowable deduction under Section 36(1) (iii) of the Income-Tax Act, 1961? Dismissing the appeal, the Court ·~ ·HELD: Interest paid in respect of borrowings on capital assets not put to use in the concerned financial
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