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2016 (11) TMI 1665 - KARNATAKA HIGH COURTInterest on the loan taken which is utilised for giving advances to the sister concerns - Tribunal held that the interest deduction claimed by the assessee is an allowable deduction on the premise that the loan was utilised by the assessee for giving advance to the sister concern - HELD THAT:- As decided in M/S. GOLF VIEW HOMES LTD [2016 (11) TMI 1664 - KARNATAKA HIGH COURT] activity of the assessee was also of acquiring property rights in sister concers, any advance given by the assessee them is to be treated for acquiring property rights and once it is treated as for acquiring property rights may be of a sister concern, it would be an allowable deduction under section 36 of the Income-tax Act, since it is for the business activity. - Decided in favour of assessee.
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