Borrowed Funds not utilized for making Investments: Calcutta HC quashes proceedings against Century Enka [Read Order]

Borrowed Funds - Investments - Calcutta High Court - Century Enka - Taxscan

The Calcutta High Court quashed proceedings against Century Enka Limited on the ground that borrowed funds were not utilized for making investments. The appeal was filed by the revenue under Section 260A of the Income Tax Act, 1961 is directed against the order passed by the Income Tax Appellate Tribunal, Kolkata Bench for the assessment…

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