High Court of Bombay Dismisses Revenue's Appeal in Cooperative Sugar Factory Case — Disallowance of Interest on Borrowed Capital Not Justified When Own Funds Exceed Investment. Section 36(1)(iii) of Income Tax Act, 1961 does not permit disallowance of interest on borrowed capital if assessee's own interest-free funds are sufficient to cover the investment.
5 Sep 2014The Commissioner of Income Tax, Aurangabad, filed an appeal under Section 260A of the Income Tax Act, 1961, against the order of the Income Tax Appell...
