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Interest & discount on commercial papers & non-convertible debentures allowable if fully used in Business
Case Law Details
- Case Name
- CIT Vs Amar Ujala Publication Ltd (High Court of Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2008-09
- Courts
- All High Courts, Delhi High Court
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Brief of Case:
Amar Ujala & A & M Publication had being merged & Assessing officer disallowed cost of finance incurred for merger of above said companies & thus CIT(A), ITAT & High Court deleted addition made by AO & thus gave following decision:
All the funds available at that point of time with the respondent / assessee were, in the course of the year, deployed in the business of the respondent/assessee. Therefore, the Assessing Officer could not have disallowed the discount and interest on borrowing through commercial papers and non-convertible deb...
