Court Rules Interest on Business Investments Deductible; Disallowance by Tax Authorities Overturned in Favor of Assessee.

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....Disallowance of expenditure on account of interest on prorata basis - when the assessee has made investment for business expediency to promote the business of its subsidiary, the interest paid thereon has to be allowed and as such, AO as well as CIT (A) have erred in making disallowance of assessee’s claim of deduction on account of interest on prorata basis - AT....