https://www.taxtmi.com/caselaws?id=402804 The Tribunal ruled in favor of the assessee, holding that the interest expenditure incurred on borrowings for investment in subsidiary companies outside India was allowable under Section 57(iii). The Tribunal emphasized the binding nature of a previous High Court decision in the assessee's favor for a different assessment year, concluding that the AO's view was plausible and not subject to revision by the PCIT. The order under Section 263 was set aside, and the assessee's appeal was allowed entirely. en-us Fri, 04 Dec 2020 00:00:00 +0530 Wed, 13 Jan 2021 11:41:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402804 The Tribunal ruled in favor of the assessee, holding that the interest expenditure incurred on borrowings for investment in subsidiary companies outside India was allowable under Section 57(iii). The Tribunal emphasized the binding nature of a previous High Court decision in the assessee's favor for a different assessment year, concluding that the AO's view was plausible and not subject to revision by the PCIT. The order under Section 263 was set aside, and the assessee's appeal was allowed entirely. Case-Laws Income Tax Fri, 04 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402804