https://www.taxtmi.com/caselaws?id=778520 ITAT KOLKATA allowed the appeal, holding the AO erred in disallowing deductions under s.36(1)(viia) and s.36(1)(vii) and in assessing grant receipts. The tribunal found the assessee's memorandum showed its main object of advancing loans and subscribing to share capital for industrial development, and it met the criteria of a public financial institution under the Companies Act/s.4A framework. Interest on long-term loans was correctly offered to tax and the claimed deductions under the cited provisions were held allowable, deleting the AO's disallowance. en-us Fri, 17 Jan 2025 00:00:00 +0530 Thu, 18 Sep 2025 08:30:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=778520 ITAT KOLKATA allowed the appeal, holding the AO erred in disallowing deductions under s.36(1)(viia) and s.36(1)(vii) and in assessing grant receipts. The tribunal found the assessee's memorandum showed its main object of advancing loans and subscribing to share capital for industrial development, and it met the criteria of a public financial institution under the Companies Act/s.4A framework. Interest on long-term loans was correctly offered to tax and the claimed deductions under the cited provisions were held allowable, deleting the AO's disallowance. Case-Laws Income Tax Fri, 17 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=778520