ITAT dismisses Income Tax appeals against Fusion Finance
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The Income Tax Appellate Tribunal (ITAT), New Delhi, has dismissed two appeals filed by the Income Tax Officer against Fusion Finance. The ITO had challenged a prior favorable CIT(A) order related to tax withholding on interest paid to foreign NCD holders for assessment years 2020-21 and 2021-22. Combined demands of about Rs 16.62 crore and Rs 11.18 crore have now been set aside. The company states there is no impact on its financials, operations, or other activities.
Positive for Fusion Finance. Combined tax demands of roughly Rs 27.8 crore stand deleted, removing a long-pending tax liability overhang.