Allowability of interest on borrowed funds advanced to subsidiary company

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...