https://www.taxtmi.com/caselaws?id=328676 The High Court ruled in favor of the appellant, overturning the Income Tax Appellate Tribunal's decision. The court found that the investment in shares of the subsidiary company was a legitimate business activity, supported by the company's internal accruals and previous investments. The court emphasized that the Assessing Officer erred in focusing on the non-charging of interest rather than assessing the nature of the investment. Consequently, the court allowed the appeal and disposed of the tax appeal in favor of the appellant. en-us Mon, 06 Jun 2016 00:00:00 +0530 Fri, 10 Jun 2016 17:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328676 The High Court ruled in favor of the appellant, overturning the Income Tax Appellate Tribunal's decision. The court found that the investment in shares of the subsidiary company was a legitimate business activity, supported by the company's internal accruals and previous investments. The court emphasized that the Assessing Officer erred in focusing on the non-charging of interest rather than assessing the nature of the investment. Consequently, the court allowed the appeal and disposed of the tax appeal in favor of the appellant. Case-Laws Income Tax Mon, 06 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328676