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Allowability of interest on borrowed funds advanced to subsidiary company
Case Law Details
- Case Name
- Industrial Cables (India) Ltd. Vs Addl. CIT (ITAT Chandigarh)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All ITAT, ITAT Chandigarh
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RELEVANT PARAGRAPH
8. We have considered the, rival submissions, perused the material on record. In the instant case, rehabilitation scheme was sanctioned by the BIFR on 05.07.2001, A copy of the summary record of the proceedings of the hearing held on 5.7.2001 before BIFR- have been placed in the Paper Book. It has been held in the aforesaid proceedings para 22 as under:
“22. After hearing the submissions and no carefully considering the observations made ‘by alt in today’s hearing and the material on record,, the Bench sanctioned the scheme u/s 18(4) of the Act and the Sanc...
