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Interest paid to earn Interest is deductible under section 57
Case Law Details
- Case Name
- Pr. CIT Vs Jubilant Energy Nelp-V- Pvt. Ltd. (Delhi High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All High Courts, Delhi High Court
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Pr. CIT Vs Jubilant Energy Nelp-V- Pvt. Ltd. (Delhi High Court)
Money received by the respondent-assessee under the ICDs of Rs. 55.30 Crores was in the preceding year. Rs. 50 Crores was thereafter transferred and given as ICDs to M/s Jubilant Enpro Private Limited also in the preceding year. There was a nexus between the interest paid @ 12 % per annum and the interest received @ 12.5% per annum. In fact, the respondent-assessee had earned interest of half percent. Even if the interest received was taxable under the head ‘income from other sources’, the interest paid was deductable ...
