Case Law Details
Case Name : NTPC Sail Power Company Pvt. Ltd. Vs CIT (Delhi High Court)
Related Assessment Year :
Courts :
All High Courts Delhi High Court
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The proviso to s. 36(1)(iii) enacts that any amount of the interest paid towards capital borrowed for acquisition of an asset or for extension of existing business regardless of its capitalization in the books or otherwise, “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” would not qualify as deduction, in all these cases, when the interest was received by the assessee towards interest paid for fixed deposits when the borrowed funds could not be immediately put to use for the purpo...
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