COMMISSIONER OF INCOME TAX DEL vs. INDUSTRIAL FINANCE COPORATION
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2006 . C.A.3877/2006 Allowed, subject to all just exceptions. .
Admit.
The following questions of law are formulated for determination in the present Appeal: (a)Whether the ITAT was correct in law in allowing the interest of Rs.9.43 crores paid by the assessee on borrowings made for construction of office building holding the same as allowable under Section 36(1)(iii) of the Act? . ITA No.373/2006 Page 1 of 2 (b) Whether interest paid by the assessee was to be capitalized in view of provisions of Explanation 8 to Section 43(1) or to be allowed as expenditure under Section 36(1)(iii) of the Act? In the facts of this case filing of paper books is dispensed with.
The Registry shall make a similar note in the connected ITA No.695/2006. List along with ITA No.695/2006. . . VIKRAMAJIT SEN, J . . . S. MURALIDHAR, J OCTOBER 06, 2006 NJ . ITA No.373/2006 Page 2 of 2 23