Tribunal held that , interest paid on borrowed money was held to be allowable as deduction as nexus was established .( AY. 2009 -10)
ACIT v. Chambal Fertilisers And Chemicals Limited. (2018) 61 ITR 33 (Jaipur) (Trib)
S. 36(1)(iii) :Interest on borrowed capital -Investment in subsidiaries- Nexus was established -Interest was held to be allowable deduction.