Supreme Court of India
Hero Cycles (p) Ltd. v. Commissioner of Income Tax (central), Ludhiana
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.
What the Court ordered
We are of the opinion that such an approach is clearly faulty in law and cannot be countenanced.
Judgment, page 7
From the headnote
Income Tax Act, 1961 - s. 31(1)(iii) - Deduction of c interest paid on borrowed sums from Banks - Claim for, by the assessee - Denied by Revenue - On the grounds that the money borrowed on which interest was paid was not for business purpose and that the advances given by assessee-. . company to its Directors at the rate of 10% interest being much lower than the interest paid to the Banks (i.e.@ 18%), the same cannot be treated for the purposes of business of the assessee - Assessing Officer disallowed the claim for deduction-Appellate Authority as well as appellate Tribunal held that the
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