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 Ac

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