TP Adjustment - Disallowance of interest paid on ECB loans - the amendment in this proviso was made by...

TP Adjustment - Disallowance of interest paid on ECB loans - the amendment in this proviso was made by the Finance Act, 2015 w.e.f. 01.04.2016 as per which the words "for extension of" were omitted and therefore in our considered opinion, up to Assessment Year 2015-16, the proviso is applicable only in those cases where borrowed funds was used for acquisition of asset for extension of existing business. - AT .....

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