D E Dy. Commnr. of Income Tax, Ahmedabad v. Mis. Core F Health Care Ltd. 2008
Case at a glance
- Bench
- S H KAPADIA, B SUDERSHAN REDDY, KAPADIA
Outcome
Dismissed
Department's civil appeal is dismissed with no order as to costs
Provisions considered
- Income Tax Act, 1961 s. 36(1)(iii)
Key paragraphs
- Para 44. Accordingly the said question is answered in favour of assessee and against the Department. Consequently the • Department's civil appeal is dismissed with no order as to costs. E D.G. Appeal dismissed. 1 ...
Judgment
From the Judgment and Order dated 19.10.2005 of the G High Court of judicature of Gujarat at Ahmedabad in Tax Appeal No. 526 of 2003. P. Vishwanatha Shetty, T. Srinivasa Murthy, Gaurav Agrawal and B.V. Balaram Das for the Appellant. H 650 A ·~ -: ).. ,,., ASSISTANT COMMISSIONER OF INCOME TAX, AHMEDABAD v. ARVIND POLYCOT LTD. [KAPADIA, J.] 651, S. Ganesh, Amar Dave, Rustom B. Hathikhanawala, E.C. A Agrawala. J.P. Shah, Manish Shah, Harish J. Jhaveri, Pardiwala, Jay Savla and Reena Bagga for the Respondent. The Judgment of the Court was delivered by KAPADIA, J.
Leave granted. B
In this civil appeal filed by the Department the question of law arises for determination which question is as follows: "Whether interest paid in respect of borrowings on capital assets not put to use in the concerned financial year can 1 c be permitted as allowable deduction under Section 36(1 )(iii) of the Income-tax Act, 1961 ?"
Our answer to the above-mentioned question is squarely ' covered by our decision in favour of the assessee and against the Department in the case of Dy. Commr. of Income Tax, D Ahmedabad v. Mis. Core Health Care Ltd. in Civil Appeal , Nos.3952-55 of 2002.
Operative part
Accordingly the said question is answered in favour of assessee and against the Department. Consequently the • Department's civil appeal is dismissed with no order as to costs. E D.G. Appeal dismissed. 1 ...
Questions this judgment answers
What did the Court decide in this case?
The Court recorded the following disposition: Department's civil appeal is dismissed with no order as to costs
Which statutory provisions did this judgment involve?
Income Tax Act, 1961 — s. 36(1)(iii).
Precedent status how later indexed judgments have treated this case
No known negative treatment found in the Courts & Cases corpus.
This is a result about the indexed corpus, not a finding that the judgment remains good law. Coverage may be incomplete.