https://www.taxtmi.com/caselaws?id=387276 The HC upheld the tribunal, ruling for the assessee against the revenue: funds advanced as share application money were not treated as a loan for TP adjustment, and the disallowance under s.36(1)(iii) was rejected. The court found the borrowed funds were used to expand the assessee's BPO/ITES operations abroad by acquiring a foreign company through share purchase, so interest and related finance expenses were incurred for business purposes and are deductible. The factual finding that the loan served business expansion was held not to be perverse. en-us Wed, 04 Sep 2019 00:00:00 +0530 Tue, 28 Oct 2025 12:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387276 The HC upheld the tribunal, ruling for the assessee against the revenue: funds advanced as share application money were not treated as a loan for TP adjustment, and the disallowance under s.36(1)(iii) was rejected. The court found the borrowed funds were used to expand the assessee's BPO/ITES operations abroad by acquiring a foreign company through share purchase, so interest and related finance expenses were incurred for business purposes and are deductible. The factual finding that the loan served business expansion was held not to be perverse. Case-Laws Income Tax Wed, 04 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387276