Held that investments in acquisition of shares in companies to have controlling stake. Investment for purpose of business. No disallowance of interest expenses. (AY. 2005-06)
Gujarat Nippon Enterprises Pvt. Ltd. v. ITO (2022) 94 ITR 2 (SN) (Ahd.)(Trib.)
S. 36(1)(iii) : Interest on borrowed capital-Investments in acquisition of shares in companies to have controlling stake-Investment for purpose of business-No disallowance of interest expenses. [S. 14A]