On appeal the Court held that Tribunal decided on the basis of Judgement of High Court. High Court judgement is overruled by Supreme Court. High Court directed the Assessing Officer to recompute the disallowance in line with Supreme Court judgement (AY.2006-07)
Beekons Industries Ltd. v CIT (2023)456 ITR 431 (P&H)(HC)
S. 36(1)(iii) : Interest on borrowed capital-Tribunal deciding on the basis of Judgement of High Court-High Court judgement is overruled by Supreme Court-Directed to recompute the disallowance in line with Supreme Court judgement.[S. 260A]