Interest on Loan for Acquiring Shares of Associate Company Allowable

Bitwise Solutions Pvt. Ltd Vs DCIT (ITAT Pune) Hon’ble Bombay High Court in the decision of PCIT vs. Concentrix Services (I)(P.) Ltd. [2019] 111 com 269 (Bombay) held that interest expenditure incurred on loans taken for investment in acquiring controlled interest in a Company which was in the same line of business as that of the Respondent would be allowable expenditure under section 36(1)(iii) of the Act. The ld.DR for the Revenue could not distinguish the said decision of the Hon’ble Bombay High Court in PCIT vs. Concentrix Services (I)(P.) Ltd.(supra). It has been demonstrated by the l...