Interest Deduction on CCDs Allowed; Thin Capitalisation Rules Not Applied by Tax Authorities in Relevant Year.

Interest expenditure on Compulsorily Convertible Debentures [CCDs] - the deduction claimed by the assessee has to be allowed. We may also clarify that the Thin Capitalisation principle was neither invoked by the AO or the CIT(Appeals) in the present case nor were those rules part of the statute for the relevant AY in this appeal. .....

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