Intas Pharmaceuticals Ltd. v. ACIT (2024)114 ITR 434 (Ahd)(Trib)

S. 37(1) : Business expenditure-Funds raised by issue of debentures-Allowable as deduction.

Held that there was no infirmity about the specific finding in the order of the Commissioner (Appeals) that the funds received on issue of debentures were used by the assessee in the course of business, that these funds have not been deployed in any new projects and that the debentures were purely in the nature of loans to fulfil the working capital requirements of the assessee and, accordingly, allowable under section 37(1). (AY.2009-10, 2010-11, 2011-12)

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