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Interest exemption for multilateral bank loans to government-approved projects; ship-breaking usance interest treated as foreign-incurred debt. Insertion grants a tax exemption for interest payable to a multilateral financial institution on loans to Central Government-approved projects under a specified Memorandum of Understanding. It further declares that usance interest payable outside India by an undertaking engaged in ship-breaking for the purchase of a ship from abroad is deemed interest on debt incurred in a foreign country, and expressly includes the business of ship-breaking within the relevant explanatory definition governing tax treatment.
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Provisions expressly mentioned in the judgment/order text.
Interest exemption for multilateral bank loans to government-approved projects; ship-breaking usance interest treated as foreign-incurred debt.
Insertion grants a tax exemption for interest payable to a multilateral financial institution on loans to Central Government-approved projects under a specified Memorandum of Understanding. It further declares that usance interest payable outside India by an undertaking engaged in ship-breaking for the purchase of a ship from abroad is deemed interest on debt incurred in a foreign country, and expressly includes the business of ship-breaking within the relevant explanatory definition governing tax treatment.
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