Interest expenses not allowable if used for acquisition of capital asset & not put to use

ITAT CHANDIGARH BENCH ‘A’ Vishal Paper Industries versus Joint Commissioner of Income-tax IT Appeal Nos. 267 & 348 (Chandi.) of 2011 [ASSESSMENT YEAR 2007-08] MARCH 26, 2012 ORDER Mehar Singh, Accountant Member The present cross appeals filed by the assessee and the revenue for the Assessment Year 2007-08 vide ITA No. 348/Chd/2011 and ITA No. 267/Chd/2011 respectively are directed against the order of ld. CIT(A), Patiala, dated 24.1.2011, passed u/s 250(6) of the Income-tax Act, 1961 (hereinafter referred to, in short as “the Act”). 2. In its appea...