Supreme Court · 1999 INSC 39 · Decided 3 February 1999
Commissioner of Income Tax, Kerala v. Associated Fibre and Rubber Industries (P) LTD
- Court
- Supreme Court of India
- Citation
- 1999 INSC 39 · [1999] 1 S.C.R. 375
- Case number
- CIVIL APPEAL No. 3428/1991
- Decided
- 3 February 1999
- Bench
- M. SRINIVASAN, U.C. BANERJEE (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 37, 48
Headnote
Income Tax Act, 1961 : Sections 37 and 48. Income T~Assessee-Private Limited Company-Assessment years 1972-73, 1973-74, 1974-75-Loans taken from the Bank for purchase of machine1y-Machinery not utilised in business-Interest paid on loan-Claim for deduction for interest-Held, Even though the the business at the time when the assessment was made, the same had been treated as business asset and it was purchased° only for the purposes of the business-In the circumstances, the interest paid on the amount borrowed for purchase of such machinery is certainly a deductible amount. CIVIL
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