Interest u/s 36(1)(iii) allowed as deduction even for purchase of Capital Asset

ACIT Vs Frontline Realty Pvt. Ltd. (ITAT Mumbai)

Section 36(1)(iii) of The IT Act provides as under-

(iii) the amount of the interest paid in respect of capital borrowed for the purposes of the business or profession :

Provided that any amount of the interest paid, in respect of capital borrowed for acquisition of an asset (whether capitalised in the books of account or not); for any period beginning from the date on which the capital was borrowed for acquisition of the asset till t

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