No deduction of finance charges if assessee was engaged in making investments just to earn dividend income: ITAT

IT : Where assessee company made advances to its subsidiary companies out of borrowed funds who further gave said advances to SPVs of assessee who utilised it for carrying on business activity of construction and development of airports, since there was no business activity undertaken by assessee except for making investment and earning dividend, expenditure incurred under head finance charges was not allowable under section 36(1)(iii)

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