Interest on Borrowings for Capital Reduction Held Deductible under Section 36(1)(iii): ITAT Mumbai N.V. Projects Pvt. Ltd. v. DCIT (ITA No. 1418/Mum/2025) Facts: 1. The assessee operates and maintains an IT Park. Pursuant to the Bombay High Court’s approval, it reduced share capital by cancelling 1,65,433 redeemable optionally convertible preference shares of ₹100 each…
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