https://www.taxtmi.com/caselaws?id=254546 The ITAT dismissed the Revenue's appeal and upheld the CIT(Appeals) order, allowing the assessee's claim for interest deduction. The ITAT held that the entire interest expenditure was incurred for earning income from inter-corporate deposits and the currency swap arrangement, making it allowable as a deduction. Additionally, the ITAT found the currency swap arrangement was for the entire loan, not just unutilized funds, contrary to the AO's conclusion. Therefore, the disallowance of Rs. 1,47,32,441 by the AO was deemed factually incorrect and was deleted. en-us Fri, 14 Nov 2014 00:00:00 +0530 Thu, 25 Dec 2014 12:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254546 The ITAT dismissed the Revenue's appeal and upheld the CIT(Appeals) order, allowing the assessee's claim for interest deduction. The ITAT held that the entire interest expenditure was incurred for earning income from inter-corporate deposits and the currency swap arrangement, making it allowable as a deduction. Additionally, the ITAT found the currency swap arrangement was for the entire loan, not just unutilized funds, contrary to the AO's conclusion. Therefore, the disallowance of Rs. 1,47,32,441 by the AO was deemed factually incorrect and was deleted. Case-Laws Income Tax Fri, 14 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254546