Dismissed¶22
C.L.T., Baroda v. Ishwar Bhuvan Hotels Ltd., Baroda
Case brief
AI extract
What is this about?
CIT Baroda v. Ishwar Bhuvan Hotels Ltd. Baroda, Supreme Court of India, Civil Appeal No. 2594 of 2006, decided February 8, 2008 (Kapadia, J.; Sudershan Reddy, J.). Interest on borrowed capital for capital assets not put to use during the concerned financial year — allowability under Section 36(1)(iii), Income-tax Act, 1961; answered in favour of assessee relying on Core Health Care Ltd. (C.A. Nos. 3952-55 of 2002). Appeal by Department dismissed, no costs; arose from Gujarat High Court Tax Appeal No. 529 of 2003 (judgment dated 19.10.2005).
What did the court decide?
None to the appellant Department; the Department's civil appeal dismissed with no order as to cost, the question having been answered in favour of the assessee. ¶22