Interest expense on perpetual bonds allowable as deduction

ICICI Bank Limited Vs ACIT (ITAT Mumbai) ITAT Mumbai held that mere RBI recognition of debt instrument as additional tier/ capital doesn’t change the nature of perpetual debt instrument. Hence, interest expenses on perpetual bonds, allowable as deduction under Section 36(1)(iii) of the Income Tax Act, 1961 Facts- During the course of assessment, the A.O also noticed that assessee has claimed interest expenditure u/s 36(1)(iii)of the Act in respect of perpetual bonds issued by the assessee bank. On query, the assessee explained that these bonds have been issued to various insurance companies,...