Interest Expenditure of Tonnage Tax Business has to be Excluded while Computing Disallowance under Rule 8D (2): ITAT Directs to Delete Disallowance [Read Order]
Interest expenditure pertaining to tonnage tax business has to be excluded while computing disallowance under Rule 8D (2) of the Income Tax Rule, 1962
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) directed the deletion of disallowance as it ruled that interest expenditure related to Tonnage Tax Business must be excluded when computing disallowance under Rule 8D(2) of the Income Rule, 1962. The actual administrative expenditure incurred by the Treasury Division, including employee costs and other…
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