Case Law Analysis
|Income Tax Appellate Tribunal
Section 36(1)(iii) Interest on Slump Sale Borrowings Allowable | Ahmedabad ITAT
Ahmedabad ITAT permits deduction of interest on borrowings acquired via slump sale under Section 36(1)(iii), rejecting Revenue's colourable device and res judicata challenges. Ruling clarifies allowability where assets are put to use, benefiting corporate taxpayers in asset acquisitions.