High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Upholds ITAT Order on Deduction of Interest Paid on Borrowed Capital. Interest paid on borrowed capital used for business purposes is allowable as deduction under Section 36(1)(iii) of the Income Tax Act, 1961, even if the assessee follows project completion method.
21 Jan 2016The case involves two appeals filed by the Revenue under Section 260A of the Income Tax Act, 1961, against a common order of the Income Tax Appellate ...
