Dismissing the appeal of the assessee the Tribunal held that, interest bearing funds were applied for making investment in equity shares and alleged investment was for non-business purposes-Disallowance of interest is held to be justified. (AY. 2011-12, 2012-13)
Premier Industries (India) Ltd. v. JCIT (2019) 174 ITD 415 (Indore) (Trib.)
S. 36(1)(iii) : Interest on borrowed capital – Interest bearing funds were applied for making investment in equity shares and alleged investment was for non-business purposes-Disallowance of interest is held to be justified. [S. 14A, R. 8D]