Supreme Court · 1996 INSC 586 · Decided 26 April 1996
Mis Veecumsees, Madras v. Commissioner of Income Tax, Madras
- Court
- Supreme Court of India
- Citation
- 1996 INSC 586 · [1996] SUPP. 2 S.C.R. 60
- Case number
- CIVIL APPEAL No. 7660/1996
- Decided
- 26 April 1996
- Bench
- S.P. BHARUCHA, G.B. PATTANAIK (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 36(I), 36(1)(iii)
Headnote
MADRAS v. COMMISSIONER OF INCOME TAX, MADRAS APRIL 26, 1996 B [S.P. BHARUCHA AND G.B. PATTANAIK, JJ.J Income Tax Act, 1961.: S. 36(I)(iiij-Assessment years 1967-68, 1968-69 and 1969- 70-Inter- C est on loans borrowed-A/lowing of under the head business--Assessee run­ ning a composite by the Tribunal-High Court disallowing the claim-On appeal, held : Transferring or closing down of the said business did not alter the fact that the loans had, D when obtained, been for the assessee's business-Test of 1'same business" appropriate for set off carry forward losses is not
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