ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE -6,, PUNE vs. M/S. SION PANVEL TOLLWAYS PVT.LTD,, PUNE

In the result, the appeal of the Revenue is partly allowed and

Bench: Shri R.S. Syal & Shri Partha Sarathi Chaudhury

section 56 and consequently claiming set off of such interest income against the interest expenditure and other capital expenditure incurred for which the loan was taken. 9. We are not convinced with the alternate submission of the assessee. It cannot be said that no income chargeable to tax can be earned simply because the business has not commenced. There

ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE -6,, PUNE vs. M/S. SION PANVEL TOLLWAYS PVT.LTD,, PUNE

In the result, the appeal of the Revenue is partly allowed and

Shri R.S. Syal & Shri Partha Sarathi Chaudhury