No tax on corresponding Interest Income on asset transfer to SPVs as it amounted to Double Taxation

Asirvad Micro Finance Limited Vs DCIT (ITAT Chennai) Conclusion:  Disallowance of ₹28,99,56,987/- towards finance costs on securitization transactions had no basis, as the interest income rightly belonged to the SPVs and not the assessee. Likewise, the addition of ₹1,61,82,000/- under section 69A read with section 115BBE was unjustified since the cash deposits in Specified Bank Notes represented genuine loan repayments from microfinance borrowers and could not be treated as unexplained. Held: Assessee-NBFC was engaged in providing microfinance in rural areas under Reserve Bank of India r...