PR. COMMISSIONER OF INCOME TAX vs. M/S BRAHMAPUTRA CRACKER AND POLYMER LIMITED....b

Bench: HONOURABLE THE CHIEF JUSTICE,HONOURABLE MR. JUSTICE SOUMITRA SAIKIA

56 of the Income-tax Act. This Court also emphasised the fact that the company was not bound to utilize the interest Page No.# 12/14 so earned to adjust it against the interest paid on borrowed capital. The company was free to use this income in any manner it liked. However, while interest earned by investing borrowed capital in short