High Court held that assessee-company had not commenced business of development of SEZ/Real estate and merely obtained loan from holding company which was utilized for investing in shares of subsidiary company, interest paid on loan could not be treated as expenditure incurred for purpose of business. SLP filed by assessee is dismissed (AY. 2009-10)
Zuari Management Services Ltd. v. CIT (2024) 298 Taxman 551 (SC) Editorial : Zuari Management Services Ltd. v. CIT (2017) 88 taxmann.com 625 (Bom)(HC)
S. 37(1) : Business expenditure-Interest-Real estate business-Not commenced the business-Investing in shares of subsidiary-Not allowable as deduction-SLP of assessee is dismissed.[Art.136]