High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Upholds ITAT Order on Disallowance of Interest and Depreciation. Held that interest on borrowed capital used for acquiring a capital asset is allowable as deduction under Section 36(1)(iii) of the Income Tax Act, 1961, and depreciation on assets acquired under a hire purchase agreement is allowable under Section 32.
12 Jun 2018The case involves appeals filed by the Revenue (Pr. Commissioner of Income-Tax and Deputy Commissioner of Income-Tax) against the orders of the Income...
