Tata Chemicals Secures ₹156 Cr Interest Deduction for Loan Used in Overseas Investment

Tata Chemicals Limited Vs PCIT-2 (ITAT Mumbai) In a significant ruling, the Income Tax Appellate Tribunal (ITAT) Mumbai has granted relief to Tata Chemicals Limited, allowing the deduction of ₹156 crore in interest on loans utilized for overseas investments. The decision, pronounced on December 30, 2024, overturns a revisionary order issued by the Principal Commissioner of Income-tax (PCIT)-2, Mumbai, which had deemed the original assessment “erroneous and prejudicial to the interest of the Revenue.” The case, pertaining to the assessment year 2017-18, saw Tata Chemicals appeal a...