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Case Law Details

Case Name : Borkar Packaging Pvt. Ltd. Vs ACIT (ITAT Panaji)
Related Assessment Year : 2013-14 & 2014-15
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Borkar Packaging Pvt. Ltd. Vs ACIT (ITAT Panaji)

The Income Tax Appellate Tribunal (ITAT) Panaji recently delivered a significant decision in the case of Borkar Packaging Pvt. Ltd. vs. ACIT concerning the disallowance of interest on borrowed funds. The central issue revolved around whether the nature of the loan determines the character of interest for disallowance, specifically under the proviso to Section 36(1)(iii) of the Income Tax Act, 1961. This article provides a detailed analysis of the case, examining the arguments,

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