Interest Expense on Borrowed Funds for MHICL Investment Allowed u/s 36(1)(iii) of Income Tax Act for Business Purpose.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Interest expense u/s 36(1)(iii) - investment in the holding company - The investment of the borrowed funds by the assessee in MHICL is for business purpose, as such, the interest expense is allowable u/s 36(1)(iii) of the Act. - AT....