Relief to Tata Chemicals: ITAT Allows Deduction of ₹156 crores Interest on Loan Utilized for Overseas Investment u/s 36 (1) (iii) [Read Order]

The Assessing Officer took a contrary view that the interest expenditure incurred on such loan is not incurred for the purpose of business
Relief to Tata Chemicals - Tata Chemicals - ITAT - taxscan

The Mumbai bench of Income Tax Appellate Tribunal (ITAT) has set aside an order passed by the Principal Commissioner of Income Tax (PCIT) which disallowed the interest expenditure incurred by Tata Chemicals Ltd. on loan taken by it for investing in its overseas subsidiary company. Read more: Interest paid on loans borrowed for real estate…

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