https://www.taxtmi.com/caselaws?id=215796 The Tribunal allowed both appeals of the appellant, directing the Assessing Officer to reexamine the allowance of expenses in accordance with the law. The Tribunal found that the investments in wholly owned subsidiaries were made for business purposes and based on commercial expediency, emphasizing the need to establish commercial expediency for allowing interest paid on borrowed funds. The matter was remanded to the Assessing Officer for a fresh decision. en-us Thu, 28 Jun 2012 00:00:00 +0530 Sat, 18 Aug 2012 17:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215796 The Tribunal allowed both appeals of the appellant, directing the Assessing Officer to reexamine the allowance of expenses in accordance with the law. The Tribunal found that the investments in wholly owned subsidiaries were made for business purposes and based on commercial expediency, emphasizing the need to establish commercial expediency for allowing interest paid on borrowed funds. The matter was remanded to the Assessing Officer for a fresh decision. Case-Laws Income Tax Thu, 28 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215796