{"id":26,"date":"2008-02-12T18:20:48","date_gmt":"2008-02-12T18:20:48","guid":{"rendered":"http:\/\/itatonline.org\/archives\/?p=26"},"modified":"2008-02-12T18:20:48","modified_gmt":"2008-02-12T18:20:48","slug":"dcit-vs-core-health-care-supreme-court","status":"publish","type":"post","link":"https:\/\/itatonline.org\/archives\/dcit-vs-core-health-care-supreme-court\/","title":{"rendered":"DCIT vs. Core Health Care (Supreme Court)"},"content":{"rendered":"<p><a href=\"http:\/\/www.itatonline.org\/downloads2\/index.php?core_healthcare_interest.pdf\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/www.itatonline.org\/images\/download.gif?w=605\" class=\"alignright\" border=\"0\" \/><\/a><\/p>\n<p>(i) Interest paid in respect of borrowings on capital assets not put to use in the concerned financial year are deductible under Section 36(1)(iii) of the Act;<\/p>\n<p>(ii) Interest on all moneys borrowed for the purposes of business are deductible irrespective of whether the moneys are used for a revenue purpose or a capital purpose;<\/p>\n<p>(iii) Explanation 8 to s. 43(1) has no application to s. 36(1)(iii);<\/p>\n<p>(iv) The proviso to s. 36(1)(iii) operates prospectively;<\/p>\n<p>(v) Challapalli Sugars 98 ITR 167 (SC) applies to a case where the business had not yet commenced.<\/p>\n<p>Note: The judgement of the Full Bench in <a href=\"http:\/\/www.itatonline.org\/downloads2\/index.php?vardhaman_polytex_expl_8_s432.pdf\"><strong>CIT vs. Vardhaman Polytex (P &amp; H High Court)<\/strong><\/a> is impliedly overruled.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>(i) Interest paid in respect of borrowings on capital assets not put to use in the concerned financial year are deductible under Section 36(1)(iii) of the Act; (ii) Interest on all moneys borrowed for the purposes of business are deductible &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/itatonline.org\/archives\/dcit-vs-core-health-care-supreme-court\/\"> <span class=\"screen-reader-text\">DCIT vs. Core Health Care (Supreme Court)<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[4,7],"tags":[],"class_list":["post-26","post","type-post","status-publish","format-standard","hentry","category-all-judgements","category-supreme-court"],"acf":[],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/posts\/26","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/comments?post=26"}],"version-history":[{"count":0,"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/posts\/26\/revisions"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/media?parent=26"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/categories?post=26"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/tags?post=26"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}