2006 (2) TMI 649

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..... st the order of the Tribunal in ITA Nos. 2266 and 2267/Mad/1996 dt. 19th Nov., 2004, raising the following substantial questions of law : 1. Whether, in the facts and circumstances of the case, the Tribunal was right in deleting the addition towards the element of the customs duty on the closing stock. 2. Whether, in the facts and circumstances of the case, the Tribunal was right in deletin .....

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..... apital expenditure on the establishment of the above projects. For the purpose of incurring capital expenditure in the project, the assessee borrowed funds from outside and paid interest at ₹ 2,39,61,676. The interest amount of ₹ 2,39,61,676 was capitalised by the assessee in the books. However, while computing the income for the purpose of income-tax, the assessee claimed to the exten .....

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..... overed against the Revenue by the decision of this Court in the case of CIT vs. English Electric Co. of India Ltd. (2000) 161 CTR (Mad) 235: (2000) 243 ITR 512(Mad). Hence, the order of the Tribunal is in conformity with law. 5. In respect of question No. 3, the assessee claimed deduction under s. 36(1)(iii) of the Act, which reads as follows : 36(1)(iii). The amount of the interest paid in .....

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