SUPREME COURT OF INDIA
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SPECIAL LEAVE TO APPEAL (C) NOS. 515-517 OF 2016
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Embassy Development Corporation........................................................Appellant.
v.
Assistant Commissioner of Income-tax
..................................................Respondent |
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ADARSH KUMAR GOEL AND UDAY UMESH LALIT, JJ.
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| Date :JANUARY 20, 2017 |
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| Appearances |
Pritesh Kapur, Senthil Jagadeesan, Govind Manoharan and Ms. Shruti Iyer, Advs. for the Petitioner.
Maninder Singh, ASG, Vikas Singh Jangra, T.M. Singh and Mrs. Anil Katiyar, Advs. for the Respondent.
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Section 36(1)(iii) of the Income Tax Act, 1961 — Business Expenditure — Interest on borrowed capital — SLP granted against High Court's ruling that where assessee builder advanced borrowed amount to its sister concern for purpose of acquiring a portion of property in project proposed to be developed by its sister concern and said amount was not utilised for said project but it was used for some other project, assessee was not entitled for deduction of interest paid on borrowed amount — Embassy Development Corporation vs. Assistant Commissioner of Income Tax.
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ORDER
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1. Heard.
2. Leave granted.
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[2017] 245 TAXMAN 207 (SC) |
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