https://www.taxtmi.com/caselaws?id=18114 The High Court held that the reduction in interest rate by the assessee-company from 18% to 12% was justified due to the improved financial condition of the subsidiary company and the assessee's role as the parent company. The Court emphasized that the reduction was not contrary to legal provisions and dismissed the Revenue's claim of potential loss. The Court ruled in favor of the assessee, stating that the addition of tax on the reduced interest amount was unjustified, directing the transmission of the judgment to the Income-tax Appellate Tribunal. en-us Wed, 03 Jul 1996 00:00:00 +0530 Sat, 26 Sep 2009 18:05:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18114 The High Court held that the reduction in interest rate by the assessee-company from 18% to 12% was justified due to the improved financial condition of the subsidiary company and the assessee's role as the parent company. The Court emphasized that the reduction was not contrary to legal provisions and dismissed the Revenue's claim of potential loss. The Court ruled in favor of the assessee, stating that the addition of tax on the reduced interest amount was unjustified, directing the transmission of the judgment to the Income-tax Appellate Tribunal. Case-Laws Income Tax Wed, 03 Jul 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18114