Electronic certificates of origin enable preferential tariffs under the India-New Zealand FTA when format, verification, and filing requirements are m...
Customs approval for liquid cargo exports extends designated jetty operations while existing boarding station and customs area limits remain unchanged...
Mandatory compliance document verification now conditions out-of-charge clearance for imported cosmetics, drugs, and medical devices through PGA-facil...
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The ITAT dismissed the Revenue's appeal against disallowance of interest expenses. The Tribunal held that the assessee's investment in compulsory convertible debentures of Shreeniwas Cotton Mills Ltd., which increased its shareholding from 95.30% to 99.76%, was made to acquire controlling interest in its subsidiary and therefore constituted a business purpose. The assessee demonstrated that it had interest-free investment of Rs. 505.32 crores, presumed to be funded from non-interest bearing funds of OCD worth Rs. 450 crores. The ITAT affirmed the CIT(A)'s finding that investments made to acquire controlling interest in another company are considered to be for business purposes.
The ITAT dismissed the Revenue's appeal against disallowance of interest expenses. The Tribunal held that the assessee's investment in compulsory convertible debentures of Shreeniwas Cotton Mills Ltd., which increased its shareholding from 95.30% to 99.76%, was made to acquire controlling interest in its subsidiary and therefore constituted a business purpose. The assessee demonstrated that it had interest-free investment of Rs. 505.32 crores, presumed to be funded from non-interest bearing funds of OCD worth Rs. 450 crores. The ITAT affirmed the CIT(A)'s finding that investments made to acquire controlling interest in another company are considered to be for business purposes.
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