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Case Law Details

Case Name : The Commissioner of Income Tax (Central) Vs. M/s Rock man Cycle Industries Private Limited (Punjab & Haryana High Court)
Related Assessment Year :
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The Assessee borrowed money from a sister concern at 18 per cent interest and purchased shares from another sister concern carrying a dividend at 4 per cent. The Revenue thought the device was colourable and disallowed the interest. Investment in shares was considered not for business purposes.

High Court applied the test of commercial expediency.

The question whether having regard to the relationship between different concerns, where a transaction which was patently imprudent takes place, t

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