https://www.taxtmi.com/caselaws?id=447707 ITAT Chennai ruled on multiple issues in an assessee's case. The court allowed interest expenditure deduction under Section 36(1)(iii) for investments in subsidiary company, finding commercial advantage in international business operations. Regarding TDS on non-resident payments, the matter was remanded to AO to examine under DTAA provisions. The court upheld Section 14A disallowance for exempt income expenses. For foreign tax credit under Section 90, TDS credit claims, corporate guarantee fee adjustment to 0.5%, and DDT credit issues, the court directed AO to verify assessee's claims with supporting evidence and allow credits per law. en-us Wed, 08 Nov 2023 00:00:00 +0530 Tue, 02 Jan 2024 18:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447707 ITAT Chennai ruled on multiple issues in an assessee's case. The court allowed interest expenditure deduction under Section 36(1)(iii) for investments in subsidiary company, finding commercial advantage in international business operations. Regarding TDS on non-resident payments, the matter was remanded to AO to examine under DTAA provisions. The court upheld Section 14A disallowance for exempt income expenses. For foreign tax credit under Section 90, TDS credit claims, corporate guarantee fee adjustment to 0.5%, and DDT credit issues, the court directed AO to verify assessee's claims with supporting evidence and allow credits per law. Case-Laws Income Tax Wed, 08 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447707