Interest on borrowed fund for extension of existing business is allowable as deduction -SC

SUPREME COURT OF INDIA Commissioner of Income tax v/s. Monnet Industries Ltd. Civil Appeal nos. 21391 of 2009 and 6163 of 2012 Date of pronouncement – August 29, 2012 ORDER Heard learned counsel on both sides. Leave granted. The civil appeal filed by the Department is dismissed. No order as to costs. ORDER Heard learned counsel on both sides. Leave granted. In view of the concurrent findings recorded by the Courts below, this civil appeal filed by the Department is dismissed. No order as to costs. ——————————R...