1986 (1) TMI 76

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ed the following question of law for our opinion: " Whether, on the facts and in the circumstances of the case, the Tribunal was right in directing the Income-tax Officer to allow under section 24(1)(vi) of the Income-tax Act, 1961, the deduction of Rs. 60,750 and Rs. 81,000 representing interest on unsecured debentures in the respective assessments for the assessment years 1968-69 and 1969-70 p .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... s purchased out of borrowed capital. Before the Tribunal, certain fresh documents like the minutes of the promoters' meeting and the minutes of the shareholders' meeting were produced. The departmental representative objected to the admission of fresh evidence. The Tribunal felt that this material was relevant to the question involved in the matter. It sent back, the matter to the Income-tax Offic .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... at if it is found that the property was initially purchased with borrowed capital, the Tribunal was justified in making the direction that the deduction of Rs. 60,750 and Rs. 81,000 representing interest on unsecured debentures for the two assessment years was liable to be allowed under section 24(1)(vi) of the Income-tax Act. Therefore, we answer the first question in the affirmative and in favou .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X