2019 (6) TMI 1004

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....oshi I/by Mr. Sameer G. Dalal, for Respondent. P.C.: 1. Record is not clear whether this Appeal was admitted or when admitted. In any case, there is no order admitting the Appeal and framing substantial question of law. 2. Under the circumstances, we have heard learned Counsel for the parties for admission of the Appeal. It is unfortunate that such exercise is being done several years aft....

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....ibunal by the impugned Judgment allowed the claim of the Assessee interalia on the ground that the said expenditure was incurred in the course of its business adventure. Some what similar issue was discussed by this Court in an order dated 11th June, 2019 in Income Tax Appeal No.556 of 2017. The question considered by the Court was as under : "(b)Whether on the facts and in the circumstan....

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....nt held that the expenditure incurred for gaining controlling interest of a subsidiary company is a business expenditure. We notice that this Court in the case of Commissioner of Income Tax, Panaji Goa V/s. Phil Corpn. Limited, 202 Taxmann 368 (Bombay) held that the Assessee was entitled to deduction of interest on overdraft under Section 36(1)(iii) of the Act when the investment was made....