Tribunal held that loan was taken for the purpose of renovation carried out in the factory hence allowable as deduction. ( AY. 2011-12)
Laboratories Griffon (P) Ltd v.Dy .CIT (2018) 170 ITD 387 /65 ITR 317 / 193 TTJ 855/( 2019) 178 DTR 355 (Kol) (Trib.)
S. 36(1)(iii) : Interest on borrowed capital-Interest paid on loan borrowed for renovation and modernization in assessee’s factory premises-Allowable as deduction.