16 October 2015
TT PL ia company in India which is a 100% subsidiary of An Italian Company called TTE. TTE supplies raw material to TTPL. TTPL because of huge losses could not pay its’ import bills payable to TTE, since 2008. TTE so far did not charge any interest to TTPL. TTPL annual accounts for f.y.2014-15 have already been finalized. Now TTE has sent debit note for interest for last four years i.e. from f.y.2011-12 to f.y.2014-15 Shall such interest expense allowed under Income tax act? Kind regards, c.a.paresh Zatakia 9833855518
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