Supreme Court of India
Jt. Commissioner of Income Tax, Valsad, Gujarat v. M/s.united Phosphorous 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
Income Tax Act, 1961: s.36(1)(iii) - Interest paid in respect of borrowings on capital assets not put to use in the concerned finanCial year - Held: Can be permitted as allowable deduction under s. 36(1 )(iii). s.34(1) and Expln. 5 to s.32(1) - Option to claim partial depreciation in respect of block of assets - If available - High Court relied upon Mahendra Mills case, in which it was held that assessee has option to claim depreciation - Held: In Mahendra Mills case, the concept of block of assets was not there -Also, s. 34( 1) has been omitted w. e. f 1. 4. 1988 - Hence, matter remitted to
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