Case Law Details

Case Name : CIT Vs. Gautam Motors (Delhi High Court)
Appeal Number : ITA No. 496 of 2006, 19/07/2010
Date of Judgement/Order :
Related Assessment Year :

Once the three conditions pointed out by the Supreme Court in the judgment of Madhav Prasad Jatia v. CIT [1979] 118 ITR 200 are satisfied, the assessee would be entitled to deductions in respect of the interest and charges paid on the loans; the matter would be different only in a case where after borrowing the funds from the bank, the assessee utilizes those very funds by giving interest free loans to others.

CASE LAWS DETAILS

DECIDED BY: HIGH COURT OF DELHI,

IN THE CASE OF: CIT Vs. Gautam Motors, APPEAL NO: ITA No. 496 of 2006, DECIDED ON July 19, 2010

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