Interest on Investment made to acquire controlling interest allowable

Gujarat Nippon Enterprises Pvt. Ltd. Vs ITO (ITAT Ahmedabad) The question that requires to be adjudicated whether the investment was made by the assessee to have controlling interest in the companies. Regarding loans granted by the assessee, the assessee company has given advances to five tooth brush companies as a business strategy to have controlling stake in their business and so that interest has not been charged on the same. The above submission of the assessee has actually been translated in reality which is evident from the order of the Hon’ble Gujarat High Court. All the aforesaid co...