GUJARAT GLASS P. LTD(EARLIER KNOWN AS GUJARAT GLASS P. LTD ),MUMBAI vs. ADDL CIT CIR 6(3), MUMBAI
In the result, appeal stands partly allowed
ITA 8360/MUM/2010[2006-07]Status: DisposedITAT Mumbai16 Dec 2016AY 2006-07
Bench: Shri Rajendra & Shri Saktijit Deyआयकर अऩीऱ सं. / Ita No. 8360/Mum./2010 (ननधधारण वषा / Assessment Year : 2006–07) Gujarat Glass Pvt. Ltd. (Now Known As Piramal Glass Ltd.) …….………. अऩीऱधथी / Piramal Tower, G.K. Marg Appellant Lower Parel, Mumbai 400 013 Pan – Aabcg0093R V/S Addl. Commissioner Of Income Tax ..…….………. प्रत्यथी / Circle–6(3), Mumbai Respondent ननधधाररती की ओर से / Assessee By : Shri Yogesh Thar रधजस्व की ओर से / Revenue By : Shri N.K. Chand सुनवधई की तधरीख / आदेश घोषणध की तधरीख / Date Of Hearing – 03.10.2016 Date Of Order – 16.12.2016 आदेश / Order शक्तिजीि दे, न्याययक सदस्य के द्वारा / Per Saktijit Dey, J.M.
For Appellant: Shri Yogesh TharFor Respondent: Shri N.K. Chand
Section 115JSection 32(1)(ii)
…d for investment in subsidiary, however, since such investment in shares is for controlling interest, the interest paid is allowable as deduction under section 36(1)(iii). In this context, he relied upon the following decisions:– i) CIT v/s Phil Corporation, 244 CTR 226 (Bom.); ii) CIT v/s Shrishti Securities, 321 ITR 498 (Bom.); iii) CIT v/s Jardine Enderson Ltd., 210 ITR 981 (Cal.); and iv) Pistabai Rikhabhchand Kothari v/s ITO, 30 taxmann.com 346. 16. Further, learned Authorised Representative submitted, since the investment in shares is in a company which is in a similar line of business, the investment made…
