No interest disallowance if assessee has sufficient interest free funds to make investments in subsidiary: HC

INCOME TAX : Where Assessing Officer made disallowance of interest expenditure under section 36(1)(iii) on ground that assessee utilized borrowed capital for making investment in its foreign subsidiaries, since assessee's own funds were far in excess of such investment made by assessee, it was to be presumed that investments were made from interest free funds available to assessee, thus, impugned disallowance was to be set aside

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