Interest on loan taken to acquire shares eligible for deduction u/s. 36(1)(iii): ITAT Hyderabad

DCIT Vs East India Petroleum Limited. (ITAT Hyderabad) ITAT Hyderabad held that interest on loan taken to acquire shares of any company for taking controlling interest is eligible as deduction under section 36(1)(iii) of the Income Tax Act. Accordingly, appeal of revenue dismissed. Facts- The assessee, engaged in the business of providing terminal ling services to oil marketing companies for storage of bulk liquid products including fuels like high speed diesel, motor spirit, petroleum products like gas condensate and naphtha and petrochemicals as well as liquefied gas fuels like butane, propa...