M/S POPULAR FINANCE COMPANY,PATHANAMTHITTA vs. THE ACIT,CIR-1,, THIRUVALLA

In the result, the appeals of the Revenue are partly allowed for statistical purposes

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

30 to 36 of the Act. In this case, the taxpayer admittedly borrowed funds for enhancing the working capital or the purpose of money lending business. Interest on capital borrowed for the purpose of business falls within the provisions of section 36(1)(iii) of the Act. Therefore, any interest paid on the capital borrowed for the purpose of business

M/S.POPULAR FINANCE,PATHANAMTHITTA vs. THE ACIT, CIRCLE-1, THIRUVALLA

In the result, the appeals of the Revenue are partly allowed for statistical purposes