Vardhman Polytex Ltd. vs Commissioner Of Income Tax

Authority: Supreme Court Date: 2012-09-12 Section: 36(1)(iii) Acts: Income Tax Act 1961 Result: Assessee Citation: (2012) 82 CCH 340 ISCC (2012) 254 CTR (SC) 102 : (2012) 349 ITR 690 (SC) : (2012) 210 TAXMAN 261 (SC Justices: S. H. KAPADIA CJI & MADAN B. LOKUR, J. Appeal No: Special Leave to Appeal (Civil) No(s).15125/2008
Whether interest paid in respect of borrowings for acquisition of capital assets not put to use in the concerned financial year can be permitted as allowable deduction under section 36(1)(iii) of the Income-tax Act, 1961? --- Held Yes

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