Interest u/s 36(1)(iii) allowed as deduction even for purchase of Capital Asset

ACIT Vs Frontline Realty Pvt. Ltd. (ITAT Mumbai) Section 36(1)(iii) of The IT Act provides as under- (iii) the amount of the interest paid in respect of capital borrowed for the purposes of the business or profession : Provided that any amount of the interest paid, in respect of capital borrowed for acquisition of an asset (whether capitalised in the books of account or not); for any period beginning from the date on which the capital was borrowed for acquisition of the asset till the date on which such asset was first put to use, shall not be allowed as deduction…. This section was amended ...