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2019 (6) TMI 1004 - BOMBAY HIGH COURTCharacterization of expenses - Interest incurred on borrowings utilized for getting control over the management of Bhart Pulverising Mill Ltd - capital expenditure or revenue expenditure - Assessee had borrowed funds and invested the same for purchase of shares of subsidiary company - eligibility for deduction u/s 36(1)(iii) as claimed by the Assessee - HELD THAT:- Similar issue was discussed by this Court PIRAMAL GLASS LIMITED [2019 (6) TMI 891 - BOMBAY HIGH COURT] held that the expenditure incurred for gaining controlling interest of a subsidiary company is a business expenditure. We notice that this Court in the case of Commissioner of Income Tax, Panaji Goa V/s. Phil Corpn. Limited [2011 (6) TMI 912 - BOMBAY HIGH COURT] held that the Assessee was entitled to deduction of interest on overdraft under Section 36(1)(iii) of the Act when the investment was made by the Assessee in shares of subsidiary of the company to have control over the said Company. - Decided against revneue
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