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No interest disallowance if assessee had sufficient interest free funds to meet its investment in subsidiaries

February 11, 2019[2019] 102 52 (SC)/[2019] 261 Taxman 165 (SC)/[2019] 410 ITR 466 (SC)

IT : Where Assessing Officer rejected assessee's claim under section 36(1)(iii) taking a view that interest would not have been payable to banks if funds were not provided to subsidiaries, in view of fact that interest free funds were available to assessee which were sufficient to meet its investment in subsidiaries, appellate authorities were justified in allowing assessee's claim for deduction
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