Section 43B Update: Interest on Loans to Financial Institutions Reviewed; AO to Verify Company's No-Profit, No-Loss Claim.

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Full Text of the Document

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....Addition made u/s. 43B - interest paid to financial institutions on loans - assessee argued that the company constructed the buildings to the Government of Andhra Pradesh on no profit and no loss basis and disallowance of any expenditure would result into income which the assessee has not derived from carrying on its operations - AO directed to verify the facts.....