2017 (10) TMI 1627

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..... t, Advocate. ORAL ORDER PER : HONOURABLE MR.JUSTICE AKIL KURESHI 1. This Tax Appeal is filed by the assessee challenging the judgement of the Income Tax Appellate Tribunal dated 18.08.2006. The Tax appeal was admitted for consideration of following substantial questions of law: "1) Whether in the facts and circumstances of the case the Income Tax Appellate Tribunal was right in law in holdin .....

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..... ction, we may clear a few peripheral issues. We have noted at some length the reasonings recorded by the Assessing Officer, CIT(Appeals) and the Tribunal. Since all the three authorities have reached at the same conclusions but by adopting slightly different routes, if we superimpose the orders of the three authorities below eliminating the repetition, the following principal objections of the Rev .....

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..... nue is squarely covered by the judgment in case of Core health Care ltd.(supra). While confirming the decision of this Court, it was held that for the said deduction, all that was necessary was that the money i.e. capital must have been borrowed by the assessee, that it must have been borrowed for the purpose of business and lastly, that the assessee must have paid interest on the borrowed amount. .....

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