https://www.taxtmi.com/caselaws?id=415876 The ITAT Mumbai allowed the appeal, directing the AO to delete the disallowance of interest on loans to the subsidiary under section 36(1)(iii) of the Act. Additionally, the ITAT instructed the AO to permit the credit for TDS deducted by third parties in the current assessment year, aligning with the provisions of section 199 of the Act. The decision emphasized the significance of accurate interest calculation and proper allowance of TDS credit based on the income declaration year, ensuring adherence to the Income Tax Act. en-us Tue, 23 Nov 2021 00:00:00 +0530 Thu, 16 Dec 2021 09:07:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415876 The ITAT Mumbai allowed the appeal, directing the AO to delete the disallowance of interest on loans to the subsidiary under section 36(1)(iii) of the Act. Additionally, the ITAT instructed the AO to permit the credit for TDS deducted by third parties in the current assessment year, aligning with the provisions of section 199 of the Act. The decision emphasized the significance of accurate interest calculation and proper allowance of TDS credit based on the income declaration year, ensuring adherence to the Income Tax Act. Case-Laws Income Tax Tue, 23 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415876