Case of RHI Magnesita India Ltd, AAAR Haryana Ruling Dated 22nd May 2026. The appellate authority accepted that services obtained from merchant bankers, credit rating agencies, consultants, legal advisors, and other professionals for executing the QIP have a direct nexus with raising capital and can qualify as being used in the course or furtherance of business. It held that ITC on QIP-related services shall be available only to the extent for repayment or pre-payment of borrowings. However, ITC was denied to the extent QIP proceeds were invested in the equity shares of the applicant’s wholly owned subsidiary.