Allowability of Interest expenses of Funds utilized for Investment in Subsidiary Company

ACIT Vs BIP Developers Pvt. Ltd (ITAT Kolkata) In the present case, the commercial expediency of the interest expenditure in question was duly established by the assessee and on appreciation of the relevant facts of the case of the assessee as well as keeping in view the decision of the Hon ’ble Supreme Court in the case of S.A. Builders (supra) as well as the decision of Hon ’ble Bombay High Court in the case of Reliance Communications Infrastructure Ltd. (supra), the claim of the assessee for the interest expenditure was allowed by the Ld. CIT(A). We, therefore, find no merit in the cont...