Wednesday, February 26, 2020

No disallowance u/s 40 if interest paid on foreign currency loan was exempt u/s 10(15)(f)

INCOME TAX : Interest paid on foreign currency loan is exempt under section 10(15)(f) even when assessee-company has utilised said loan for repayment of another loan taken earlier towards its working capital requirement meaning that loan was utilised indirectly for industrial development in India; there would be no disallowance under section 40(a)

from www.taxmann.com Latest Case Laws https://ift.tt/2wOvQdg

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