entertain such suits for deciding Inter se rights between third parties, Including borrower of such banks and financial Institutions and also impleading banks and financial ... creditor in accordance with the provisions of this Act.
(2) Where any borrower, who is under a liability to a secured creditor under a security
companies which are empowered to take possession of secured assets of the borrower including the right to transfer by way of lease, assignment or sale ... secured assets and take over the management of the business of the borrower. In Mardia Chemicals Limited vs. Union of India
capital expenditure ? and
(ii) Whether the interest paid on the borrowed capital to the extent relatable to the sums advanced to the sister concern ... regard to the second issue, viz., Whether the interest paid on the borrowed capital to the extent relatable to the sums advanced to the sister
capital expenditure ? and
(ii) whether the interest paid on the borrowed capital to the extent relatable to the sums advanced to the sister concern ... years, the brief facts are that the assessee claimed the interest on borrowed money as expenditure in the Profit & Loss Account, which was disallowed
these facts the assessing officer concluded that the assessee had borrowed funds for the purchase of shares. He further concluded that the assessee diverted ... borrowed funds for financing the purchases made by CCL. He calculated interest attributable on the borrowed funds from the date of settlement till the date
disallowing interest amounting to Rs. 4,06,55,312 on capital borrowed for setting up a new plant. Briefly stated the facts are that ... assessee incurred expenditure by way of interest payment on capital borrowed for setting up of new manufacturing plant at Sonepat. The AO noted that
claim of Rs. 1,38,23,156 being the interest on capital borrowed for acquiring the fixed assets which were purchased for the purposes ... respect of interest on the capital borrowed for acquiring the fixed assets purchased for the business purpose of the assessee-company.
9. The tax authorities
Ms Mayawati vs Dy Commissioner Of Income-Tax on 30 November, 2007
Equivalent citations: (2008
assessing officer that the funds at interest have not been borrowed by your petitioner for the purpose of business of development and construction of residential ... Appeals) ought to have held that the funds at interest have been borrowed by your petitioner for the purpose of business of development and construction
Orient Information Technology Ltd., out of the borrowed funds of Rs. 59,45,000 received from Ketan Sheth & Co. According to the assessee ... assessing officer accepted the fact that, the interest paid on borrowed funds, which were utilised for purchase of capital asset, which was to be considered
