Home Case Index All Cases Income Tax Income Tax + SC Income Tax - 2008 (5) TMI SC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2008 (5) TMI 673 - SC - Income TaxAO disallowed the interest expenses on borrowed capital u/s 36(1)(iii) on the ground that borrowed funds were deployed by the assessee Company in order to purchase equity shares of AEC, which Company is subsequently taken over not by the assessee but by its sister companies - after acquiring the shares of AEC Ltd., the assessee herein has sold the shares at profit – whether it amounts to circular trading with idea of evading tax – matter restored to HC
|