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| The Tax Publishers2020 TaxPub(DT) 0704 (SC) : (2020) 272 TAXMAN 0090 INCOME TAX ACT, 1961
Section 261 Section 36(1)(iii)
Where the department preferred SLP to appeal against the judgment of Bombay High Court in Pr. CIT v. E-City Investments & Holdings Company (P) Ltd. [ITA Nos. 489 of 2017, 491 of 2017, dt. 22-7-2019] : 2019 TaxPub(DT) 8238 (Bom-HC), whereby the High Court held that the entire issue was squarely covered in favour of assessee in case of SA Builders Ltd. v. CIT (2007) 288 ITR 1 (SC) : 2007 TaxPub(DT) 833 (SC) and Tribunal correctly held that assessee's decision to fund its subsidiaries was driven by business exigency, hence, appeal of assessee was dismissed, the Supreme Court dismissed the SLP.
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Appeal (Supreme Court) - Spcial leave petition - Business deduction under section 36(1)(iii) - Disallowance of interest expenses--Interest-free loan/share application money to subsidiary companies
Department preferred SLP to appeal against the judgment of Bombay High Court in Pr. CIT v. E-City Investments & Holdings Company (P) Ltd. [ITA Nos. 489 of 2017, 491 of 2017, dt. 22-7-2019] : 2019 TaxPub(DT) 8238 (Bom-HC), whereby the High Court held that the entire issue was squarely covered in favour of assessee in case of SA Builders Ltd. v. CIT (2007) 288 ITR 1 (SC) : 2007 TaxPub(DT) 833 (SC) and Tribunal correctly held that assessee's decision to fund its subsidiaries was driven by business exigency, hence, appeal of assessee was dismissed.Held: The Supreme Court dismissed the SLP.
REFERRED :
FAVOUR : SLP dismissed.
A.Y. :
IN THE SUPREME COURT OF INDIA
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