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2022 (5) TMI 1028 - AT - Income TaxAllowable business expenditure - disallowance of interest expenditure - DR argued that the amount borrowed was not for the purpose of business as investment is not business of the assessee. The assessee has borrowed money for investment in shares, therefore, interest paid on loan is not an allowable expenditure - HELD THAT:- To control and develop the business it was important for assessee to own the company Bitwise Inc., USA. Therefore, it is a strategic investment by assessee. The purchase of the shares of the company i.e. Bitwise Inc., USA, was a business decision based on business necessity. Therefore, the interest expenditure is allowed as revenue expenditure. Accordingly, the Ground raised by the assessee are allowed.
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