Supreme Court · 2008 INSC 163 · Decided 8 February 2008
JT. Commissioner of Income Tax, Valsad, Gujarat v. M/S.UNITED Phosphorous LTD.
- Court
- Supreme Court of India
- Citation
- 2008 INSC 163 · [2008] 2 S.C.R. 658
- Case number
- CIVIL APPEAL No. 1183/2008
- Decided
- 8 February 2008
- Bench
- S.H. KAPADIA, B. SUDERSHAN REDDY (2-judge bench)
- Outcome
- Case Partly allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 36(1)(iii), 34(1)
Headnote
Income Tax Act, 1961: s.36(1)(iii) - Interest paid in respect of borrowings on C 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 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 -
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