Dy. CIT v. Guru Nanak Milk Products (2024)114 ITR 344 /232 TTJ 325 (Amritsar)(Trib)

S. 36(1)(iii) :Interest on borrowed capital-Interest paid on cash credit account-Investments in immovable properties and shares of other companies-Business expenditure.[S. 37(1)]

Held that the funds remained invested in immovable properties and shares of other companies and the investment under the head “debtors” would not debar the assessee from the claim of interest expenses thereon since the investment was in productive assets related to the assessee’s business. As a result, the addition made by the Assessing Officer for the year in question was to be deleted.  (AY.2015-16)

Leave a Reply

Your email address will not be published. Required fields are marked *

*