Tax exemption for foreign loan interest allows industrial borrowers to exclude interest paid to approved foreign bank from income tax. Approval designates Kreditanstalt fu r Wiederaufbau as an approved foreign financial institution so that interest payable by industrial undertakings in India on loans contracted under loan agreements with that institution is excluded from taxable income or super-tax under the specified exemption provision.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption for foreign loan interest allows industrial borrowers to exclude interest paid to approved foreign bank from income tax.
Approval designates Kreditanstalt fu r Wiederaufbau as an approved foreign financial institution so that interest payable by industrial undertakings in India on loans contracted under loan agreements with that institution is excluded from taxable income or super-tax under the specified exemption provision.
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