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Case Law Details

Case Name : Addl.Commr. Of I.T Vs M/S.Tulip Star Hotels Ltd. (Supreme Court of India)
Related Assessment Year :
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The respondent-assessee had borrowed certain funds which were utilized by the assessee to subscribe to the equity capital of the subsidiary company, namely, M/s. Tulip Star Hospitality Services Ltd. This subsidiary company used the said funds for the purpose of acquiring the Centaur Hotel, Juhu Beach, Mumbai, which is now functioning as “The Tulip Star , Mumbai”. The assessee paid interest on the borrowed money.

This interest liability incurred by the assessee was claimed by it as deduction on the ground that it wa

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