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Case Law Details

Case Name : Asst. DIT Vs M/s Hongkong and Shanghani Banking Corporation Ltd (ITAT Mumbai)
Related Assessment Year : 1999-2000 and 2000-01
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Brief of the case:

Payment of broken period interest will be allowed as a business expense;

1.ITAT Mumbai  held in the case of Asst. DIT Vs M/s Hongkong and Shanghani Banking Corporation Ltd that the broken period interest paid would be allowed to the assessee after relying the case of the assessee itself in The Hongkong and Shanghai Banking Corporation Ltd V/s DCIT in ITA Nos.9587/Mum/92 and 9588/Mum/92 (AYs-1989-90 and 1

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