{"id":4394,"date":"2019-03-12T13:07:21","date_gmt":"2019-03-12T13:07:21","guid":{"rendered":"http:\/\/itatonline.org\/digest\/ito-v-abhinand-investment-ltd-2018-192-ttj-51uo-kol-trib\/"},"modified":"2019-03-12T13:07:21","modified_gmt":"2019-03-12T13:07:21","slug":"ito-v-abhinand-investment-ltd-2018-192-ttj-51uo-kol-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/ito-v-abhinand-investment-ltd-2018-192-ttj-51uo-kol-trib\/","title":{"rendered":"ITO  v. Abhinand Investment Ltd. (2018) 192 TTJ 51(UO) (Kol)( Trib)"},"content":{"rendered":"<p>The <em>assesse<\/em><em>is engaged in the business of dealing in shares. It had paid interest on borrowed funds utilized for advance towards share application money. These shares were held as stock in trade by the assesse. Hence, it could be safely concluded that the assesse had utilized the borrowed funds for business purposes. The department had accepted borrowing being used for business purposes in the earlier year. Thus, <\/em>allowing the appeal of the assesse the Tribunal held that<em>the department cannot take a different stand during the year and directed the AO to delete the disallowance made towards interest paid on borrowed funds. (AY.<\/em>2004-05)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 36(1)(iii):Interest on borrowed capital &#8211; Loan taken for purchase of shares \u2013 Shares held as stock in trade \u2013 Business expenditure \u2013 Accepted in earlier year \u2013 Allowable as deduction- Department cannot  take a different stand . [S. 37(1)]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","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":""},"categories":[1],"tags":[],"class_list":["post-4394","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-18S","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/4394","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=4394"}],"version-history":[{"count":0,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/4394\/revisions"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=4394"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=4394"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=4394"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}