HomeDirect TaxBorrowed Funds Used for Subsidiary Still Eligible for Interest Deduction U/s 36(1)(iii):...

Borrowed Funds Used for Subsidiary Still Eligible for Interest Deduction U/s 36(1)(iii): Supreme Court

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The Supreme Court has held that borrowed funds used for subsidiaries are still eligible for interest deduction under Section 36(1)(iii) of the Income Tax Act, 1961. The bench of Justice J.B. Pardiwala and Justice Ujjal Bhuyan has set aside the Karnataka High Court judgment and restored the Income Tax Appellate Tribunal’s (ITAT) decision allowing deduction…

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Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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