Interest & discount on commercial papers & non-convertible debentures allowable if fully used in Business

Brief of Case: Amar Ujala & A & M Publication had being merged & Assessing officer disallowed cost of finance incurred for merger of above said companies & thus CIT(A), ITAT & High Court  deleted addition made by AO & thus gave following decision: All the funds available at that point of time with the respondent / assessee were, in the course of the year, deployed in the business of the respondent/assessee. Therefore, the Assessing Officer could not have disallowed the discount and interest on borrowing through commercial papers and non-convertible debentures. Fact of ...