Assessee obtained loan from the Bank at 7% and advanced the loan to sister concern at 9 % and claimed that net interest income earned by it was also eligible for deduction. AO rejected the claim. Tribunal allowed the claim of the assessee. High Court affirmed the view of the Tribunal. (ITA No. 785 of 2017 dt. 18 -02 -2019)
PCIT v. Vodafone Essar Gujarat Ltd. (2019) 263 Taxman 632 (Delhi)(HC)
S. 80IA : Industrial undertakings–Telecommunication business-Net interest earned is eligible for deduction.