Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2016 (6) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (6) TMI 385 - HC - Income TaxDisallowance on total investment made in shares of subsidiary company - whether the investment made for the purchase of shares of subsidiary company was not a legitimate business activity of the appellant - Held that:- The Tribunal's finding that the investment made by the assessee company for purchase of shares in the subsidiary company was not a legitimate business activity, was in fact, an expansion beyond what the Assessing Officer had himself envisaged. It was not even the case of the Revenue that investment made by the assessee in subsidiary company was for some illegitimate purpose or a mere device to divert its tax bearing income. - Decided in favour of assessee
|