Financial Daily from THE HINDU group of publications
Tuesday, Apr 08, 2003
Financial Daily from THE HINDU group of publications Tuesday, Apr 08, 2003 |
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Corporate
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Courts/Legal Issues SC rules against I-T Dept claims, says Tata Chem Our Bureau
MUMBAI, April 7 TATA Chemicals Ltd said that the Supreme Court has ruled in its favour with regard to Income-Tax Department's claims worth Rs 400 crore. ``The claims by the income tax authorities pertain to interest expenses capitalised by Tata Chemicals during the financial year 1991-92 which the I-T authorities felt was not a tax deductible expenditure,'' Tata Chemicals said in a press release. In 1990-91, Tata Chemicals had diversified into fertilisers by using funds from internal accruals and debt. As per the prevailing accounting rules, interest paid on debt raised for the purpose of expansion and diversification can be capitalised in the books until the asset is put to use. Tata Chemicals, for the first time, claimed interest capitalised in the books of accounts for the assessment year 1992-93 as deductible revenue expenses. Similar claims were made later for subsequent assessment years up to assessment year 2002-03.
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