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TMI Blog2019 (6) TMI 1004X X X X Extracts X X X X X X X X Extracts X X X X ..... ares 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 Incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ircumstances, we have heard learned Counsel for the parties for admission of the Appeal. It is unfortunate that such exercise is being done several years after the Appeal was instituted. 3. This Appeal is filed by the Revenue to challenge the Judgment of the Income Tax Appellate Tribunal ( The Tribunal for short). The following question is presented for our consideration : (i) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an order dated 11th June, 2019 in Income Tax Appeal No.556 of 2017. The question considered by the Court was as under : (b)Whether on the facts and in the circumstances of the case and in law, the ITAT is right in deleting the disallowance of interest on the borrowed funds when the Assessee had not demonstrated whether the purpose for which advance were made is covered by the principle ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Goa V/s. Phil Corpn. Limited, 202 Taxmann 368 (Bombay) 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. Madras High Court in the case of Commissioner of Income Tax, Chennai V/s. Shriram Investments (Firm) Moogambik ..... X X X X Extracts X X X X X X X X Extracts X X X X
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