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2021 (3) TMI 868 - AT - Income TaxDisallowance towards foreign exchange fluctuation loss - CIT (Appeal) upholding the 50% of disallowance - HELD THAT:- As gone through the order of the Co-ordinate bench of the Tribunal for the earlier years[2020 (5) TMI 674 - ITAT DELHI] and [2018 (2) TMI 2027 - ITAT DELHI] wherein the matter has been referred to the file of the Assessing Officer for verification of the utilization of the loan for business purpose by taking into account the amount of the loan raised, the quantum of the own capital and the reserves & surplus, utilization of the amount for day-to-day running of the business and utilization off the amount for investment in the equity shares of the subsidiary company or the amount invested for infusion of the capital in any other company. AO may then take a considered decision in tune with the directions given earlier with regard to disallowance of interest on loan and bank charges in accordance with the provisions of the Income Tax Act. Appeal of the assessee allowed for statistical purpose.
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