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Case Law Details

Case Name : Narendra Gehlaut Vs. JCIT (ITAT Delhi)
Related Assessment Year : 2006-07
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Coming to the revenue’s objection that the assessee borrowed the funds from Indiabulls Financial Services Ltd., in our view, this cannot constitute a factor as in none of the case laws or CBDT circular it has been held that borrowings will not be allowed in investment transactions. In our view the investment in capital assets also can be carried out by way of borrowed funds. There being no bar notified by the law, judicial pronouncement or CBDT Circular, we are unable to accept this view.

INCOME TAX APPELLATE TRIBUNAL, DELHI<

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