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Interest paid on acquisition of machinery allowable if purchase didn’t amount to extension of existing business

October 7, 2020[2020] 119 taxmann.com 456 (Ahmedabad - Trib.)
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INCOME TAX : Payment of interest on loan availed for purchase of machinery which did not amount to extension of existing business was allowed as deduction under section 36(1)(iii), even if said machinery was not put to use in year under consideration

INCOME TAX : Where own funds of assessee exceed amount of investment, it is presumed that investment is made out of assessee's own funds and interest expense incurred cannot be disallowed under section 14A in relation to exempt dividend income

INCOME TAX : Disallowances made under section 14A read with rule 8D could not be applied to provisions of section 115JB

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