Search Results for "section 36(1)(iii)"

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Search Results for "section 36(1)(iii)"

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High Court

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 2014

The 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...

High Court

Bombay High Court Upholds Tribunal's Decision Allowing Interest Deduction Under Section 36(1)(iii) for Dealer in Shares. Interest on Borrowed Funds for Investment in Shares Held as Stock-in-Trade is Business Expenditure, Not to be Reduced from Dividend Income Under Section 57(iii) of Income Tax Act, 1961.

30 Sep 2005

This is a reference under Section 256(1) of the Income Tax Act, 1961, at the instance of the Revenue, arising from the order of the Income Tax Appella...

High Court

Bombay High Court Dismisses Revenue's Appeal in Income Tax Disallowance of Interest Case. Tribunal's finding that assessee had sufficient interest-free funds for investments upheld, and S.A. Builders precedent on business purpose for advances to sister concerns applied.

28 Mar 2012

The case involves an appeal by the Revenue under Section 260A of the Income Tax Act, 1961, against an order of the Income Tax Appellate Tribunal dated...

High Court

High Court of Bombay at Goa Allows Revenue's Appeal in Part on Deduction Under Section 80IA and Interest Disallowance Under Section 36(1)(iii) of Income Tax Act. The court upheld ITAT's direction to allow deduction under Section 80IA without deducting depreciation, but reversed the deletion of interest addition for borrowings to sister concern.

28 Jun 2011

The case is a tax appeal filed by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) concerning the assessme...

High Court

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 2018

The case involves appeals filed by the Revenue (Pr. Commissioner of Income-Tax and Deputy Commissioner of Income-Tax) against the orders of the Income...

High Court

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 2016

The 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 ...

High Court

High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Disallowance of Interest on Funds Advanced to Sister Concern Not Justified When Own Funds Exceed Advances. The court upheld the Tribunal's finding that no disallowance under Section 36(1)(iii) of the Income Tax Act, 1961 is warranted when the assessee's own funds are sufficient to cover advances to sister concerns.

7 Oct 2015

The case involves appeals filed by the Revenue under Section 260A of the Income Tax Act, 1961, against the common order of the Income Tax Appellate Tr...

High Court

Bombay High Court Allows Appeals in Income Tax Case on Disallowance of Interest on Borrowed Capital and Deduction of Wealth-Tax Paid. Interest on borrowed capital used for acquiring a capital asset is allowable under Section 36(1)(iii) of the Income Tax Act, 1961, and wealth-tax paid is deductible under Section 37(1) of the Act.

4 Dec 2023

The present appeals relate to the assessment years 1986-87, 1987-88, 1988-89, 1989-90, 1990-91, 1991-92 and 1993-94. The appellant, T.V. Patel Pvt. Lt...

High Court

Bombay High Court Allows Assessee's Appeal in Income Tax Case on Interest Deduction Under Section 36(1)(iii) — Section 14A Not Applicable When No Exempt Income Earned. Interest on Borrowed Capital Invested in Shares of Own Companies Held Allowable as Business Expenditure.

1 Mar 2024

The appellant, Mahesh K. Mehta, a chartered accountant turned stock broker, acquired membership of the Bombay Stock Exchange in 1987 and the National ...

High Court

Bombay High Court Dismisses Revenue's Appeal in Income Tax Appeal No.20 of 1999 Upholding Deduction of Interest on Non-Refundable Deposits under Section 36(1)(iii) Income Tax Act, 1961. Court Follows Supreme Court's Decision in CIT v. Shri Chhatrapati Sahakari Sakhar Karkhana Ltd. That Non-Refundable Deposits Are Not Trading Receipts.

5 Jul 2005

The Revenue filed an appeal under Section 260A of the Income Tax Act, 1961 before the Bombay High Court challenging the order of the Income Tax Appell...

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