{"id":252261,"date":"2011-11-16T00:00:00","date_gmt":"2011-11-15T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/commissioner-vs-unknown-on-16-november-2011-3"},"modified":"2018-03-12T21:57:33","modified_gmt":"2018-03-12T16:27:33","slug":"commissioner-vs-unknown-on-16-november-2011-3","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/commissioner-vs-unknown-on-16-november-2011-3","title":{"rendered":"Commissioner vs Unknown on 16 November, 2011"},"content":{"rendered":"<div class=\"docsource_main\">Gujarat High Court<\/div>\n<div class=\"doc_title\">Commissioner vs Unknown on 16 November, 2011<\/div>\n<div class=\"doc_author\">Author: Akil Kureshi, Gokani,<\/div>\n<pre id=\"pre_1\">  \n Gujarat High Court Case Information System \n    \n  \n    \n\n \n \n    \t      \n         \n\t    \n\t\t   Print\n\t\t\t\t          \n\n  \n\n\n\t \n\t \n\t \n\t \n\t \n\t \n\t \n\t \n\t \n\t \n\t \n\t \n\t \n\t\n\n\n \n\n\n\t \n\nTAXAP\/1965\/2010\t 2\/ 2\tORDER \n \n \n\n\t\n\n \n\nIN\nTHE HIGH COURT OF GUJARAT AT AHMEDABAD\n \n\n \n\n\n \n\nTAX\nAPPEAL No. 1965 of 2010\n \n\n \n=========================================================\n\n \n\nCOMMISSIONER\nOF INCOME TAX-I - Appellant(s)\n \n\nVersus\n \n\nGUJARAT\nSTATE FERTILIZERS AND CHEMICALS LIMITED - Opponent(s)\n \n\n=========================================================\n \nAppearance\n: \nMR\nMR BHATT, SR. ADV WITH MRS MAUNA M BHATT\nfor\nAppellant(s) : 1, \nNone for Opponent(s) :\n1, \n=========================================================\n\n\n \n\t  \n\t \n\t  \n\t\t \n\t\t\t \n\nCORAM\n\t\t\t: \n\t\t\t\n\t\t\n\t\t \n\t\t\t \n\nHONOURABLE\n\t\t\tMR.JUSTICE AKIL KURESHI\n\t\t\n\t\n\t \n\t\t \n\t\t \n\t\t\t \n\nand\n\t\t\n\t\n\t \n\t\t \n\t\t \n\t\t\t \n\nHONOURABLE\n\t\t\tMS JUSTICE SONIA GOKANI\n\t\t\n\t\n\n \n\n \n \n\n\n \n\nDate\n: 16\/11\/2011 \n\n \n\n \nORAL\nORDER<\/pre>\n<p id=\"p_1\">(Per<br \/>\n: HONOURABLE MR.JUSTICE AKIL KURESHI)<\/p>\n<p>\tRevenue<br \/>\nis in appeal against the judgment dated 8th August 2008,<br \/>\nraising  following substantial question for our consideration:\n<\/p>\n<p id=\"p_1\">&#8220;Whether,<br \/>\non the facts and in the circumstances of the case, the Tribunal was<br \/>\nright in allowing the deduction claimed being interest paid u\/s. 36<br \/>\n[1](iii) made on account of (i) the manufacturing of Caprolactum with<br \/>\nadvanced technology, (ii) co-generation [Phase-III] Project and (iii)<br \/>\nAmmonia Expansion project, though the interest paid was capitalized<br \/>\nby the assessee in its books of account ?&#8221;\n<\/p>\n<p id=\"p_2\">\tIt<br \/>\nappears that the assessee had claimed deduction of interest  on<br \/>\nborrowed funds though as per the accounts such interest   was<br \/>\ncapitalized.  The Tribunal, however, accepted the assessee&#8217;s claim.<br \/>\nHence this appeal.\n<\/p>\n<p id=\"p_3\">\tMerely<br \/>\nbecause the assessee treated  the interest payment for the accounts<br \/>\npurpose differently would not govern  its treatment   for the purpose<br \/>\nof income tax.  Additionally, we also find that the issue of<br \/>\ndeduction of interest  under <a href=\"\/doc\/187590\/\" id=\"a_1\">section 36(1)(iii)<\/a> of the Income Tax<br \/>\nwas considered by this Court in the case of  DCIT  v Core Health Care<br \/>\nLtd., 298 ITR 194 and held the question in favour of the assessee.<br \/>\nThat being the position, this Tax Appeal is dismissed.\n<\/p>\n<p id=\"p_4\">\t\t\t\t\t\t(Akil<br \/>\nKureshi J.)<\/p>\n<p>\t\t\t\t\t\t(Ms.Sonia<br \/>\nGokani, J.)<\/p>\n<p>(vjn)<\/p>\n<p>\t\t   \u00a0\u00a0\u00a0<\/p>\n<p>\t\t   Top<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gujarat High Court Commissioner vs Unknown on 16 November, 2011 Author: Akil Kureshi, Gokani, Gujarat High Court Case Information System Print TAXAP\/1965\/2010 2\/ 2 ORDER IN THE HIGH COURT OF GUJARAT AT AHMEDABAD TAX APPEAL No. 1965 of 2010 ========================================================= COMMISSIONER OF INCOME TAX-I &#8211; Appellant(s) Versus GUJARAT STATE FERTILIZERS AND CHEMICALS LIMITED &#8211; Opponent(s) [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16,8],"tags":[],"class_list":["post-252261","post","type-post","status-publish","format-standard","hentry","category-gujarat-high-court","category-high-court"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Commissioner vs Unknown on 16 November, 2011 - Free Judgements of Supreme Court &amp; High Court | Legal India<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/judgments\/commissioner-vs-unknown-on-16-november-2011-3\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Commissioner vs Unknown on 16 November, 2011 - Free Judgements of Supreme Court &amp; 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