1986 (2) TMI 90 - AT - Income Tax

Deductions, Loan For Acquiring New Machinary, Profits And Gains From Newly Established Industrial Undertaking, Brrowals Of Head Office

Summary

The judgment by Appellate Tribunal ITAT Bangalore in Citation 1986 (2) TMI 90 held that interest on borrowings for a new unit should be considered as a liability of that unit for relief under section 80HH. The income of the industrial unit must be considered before granting deductions under section 80HH. The appeals filed by the assessee were allowed.