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TMI Blog2017 (4) TMI 669X X X X Extracts X X X X X X X X Extracts X X X X ..... igh Court in the case of CIG v. Core Health Care (2001 (4) TMI 46 - GUJARAT High Court) - Held that:- We find that this Court in the case of Deputy Commissioner of Income Tax, Ahmedabad v. Core Health Care Ltd. (2008 (2) TMI 8 - SUPREME COURT OF INDIA) has affirmed the view taken by the Gujarat High Court as relied upon by ITAT. Income Tax Appellate Tribunal was justified in allowing the expend ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dini Gore,Adv. Mr. P. S. Sudheer,Adv. Mr. Rishi Maheshwari,Adv. Ms. Anne Mathew,Adv. Ms. Shruti Jose,Adv. ORDER Civil Appeal Nos.4072-4073/2007 The only question on which the leave has been granted by this Court's order dated 31st August, 2007 is as follows: When the assessee had itself capitalized the interest and other expenditure incurred towards creation assets. Whether th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s) vide order dated 5.3.2004 allowed the claim of the respondent-assessee only to the extent of interest amount of ₹ 2,92,45,670/- paid on loans taken by it for establishing the industry. He, however, disallowed the other expenditures, namely, financial charges, professional expenses, upfront fee etc. The Revenue, feeling aggrieved by the said allowance, preferred an appeal before the Inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rat High Court. In this view of the matter, we are of the considered opinion that the Income Tax Appellate Tribunal was justified in allowing the expenditure of ₹ 3,37,84,348/- towards the interest paid on the loans taken and expenditure on other items connected connected herewith for establishment of the unit, while affirming the order of the Commissioner of Income Tax (Appeals). Lear ..... X X X X Extracts X X X X X X X X Extracts X X X X
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