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Assessment Challenge Fails as AO Cannot Question Commercial Wisdom of Borrowing
Case Law Details
- Case Name
- PCIT Vs Ebony Retail Holdings Ltd (Delhi High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Delhi High Court
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PCIT Vs Ebony Retail Holdings Ltd (Delhi High Court)
Delhi HC Dismisses Tax Appeal Because Loan Repayment Was a Business Decision; Interest Expense Allowed Because Loan Was Used for Business Necessity; Delhi HC Upholds Deduction Because Repayment of Earlier Loan Is a Business Decision; Loan Expenditure Allowed Because Refund of Share Application Money Was a Statutory Obligation.
The Delhi High Court first considered two applications seeking condonation of delay. It condoned a delay of 254 days in re-filing the appeal for the reasons stated in the application. It also condoned ...
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