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Disallowance of interest expenses justified for Borrowed money invested in equity without any commercial expediency
Case Law Details
- Case Name
- Four Seasons Wines Ltd. Vs DCIT (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12 & 2012-13
- Courts
- All ITAT, ITAT Bangalore
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Four Seasons Wines Ltd. Vs DCIT (ITAT Bangalore)
Disallowance of interest expenses justified for Borrowed money invested in equity without any commercial expediency
The first common issue urged in both the years relate to disallowance of interest expenditure u/s 36(1)(3) of the Income-tax Act,1961 [‘the Act’ for short]. The facts relating to the same are stated in brief. The A.O. noticed that the assessee has borrowed funds from banks and other entities and paid interest thereon. He further noticed that the assessee has made investments in other companies namely Wines Society of In...
