High Court Affirms Company's Right to Deduct Interest Charges for Maintaining 28% Holding Under Income Tax Act Sections 37 & 57(3.

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....Entitlement to deduction of interest/service charges paid on funds raised to subscribe to the rights issue and for retaining control of 28% of its holding - Since this expenditure does not pertain to the stream of income covered by Section 37 and is not excluded by Section 57 (3), it had to be and was correctly allowed - HC....