Dismissing the appeal of the revenue the Court held that money borrowed by assessee even when advanced to its subsidiary for some business purpose would qualify for deduction of interest paid on such borrowings. (AY. 1988-89)
PCIT v. Reebok India Company (2018) 259 Taxman 100 (Delhi)(HC)
S. 36(1)(iii) : Interest on borrowed capital- Interest free loans to subsidiaries – Advance to sister concern for business purposes – Allowable as deduction.
Pls notify the recent case laws