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Interest on purchase of shares

This query is : Resolved 
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(Querist)
08 January 2008 Company XYZ Pvt Ltd wants to purchase the 100% shares of ABC Pvt Ltd FROM Mr and Mrs X. To purchase the shares XYZ Ltd will have to take the loan. In this case can XYZ Pvt Ltd claim interest paid as expense in their books of accounts and claim benefit under income tax?
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
20 January 2008 What is the business of XYZ Ltd.?
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Samir

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Samir (Querist)
21 January 2008 Pharma distribution company
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
08 March 2008 No they can't claim this as business expenditure.
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