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Case Law Details

Case Name : ICICI Bank Limited Vs ACIT (ITAT Mumbai)
Appeal Number : ITA No. 3215/Mum/2019
Date of Judgement/Order : 22/08/2022
Related Assessment Year : 2010-11
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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

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