Held that swap charges paid to convert a floating rate loan to a fixed rate loan are allowable as deduction. (dt. 25-6-2021). (AY. 2003-04)
Owens-Corning (India) Pvt. Ltd. v. ITO (2021) BCAJ-September-P. 40 (Mum.)(Trib.)
S. 37(1) : Business expenditure-Swap charges-Converting floating rate loan to a fixed rate loan-Allowable as deduction.