J.B. Chemicals And Pharmaceutical Ltd, ... vs Dcit Cen Cir 2(1), Mumbai on 23 March, 2021
In the case of Baba Global Ltd. vs. Dy. CIT 70 taxmann.com 338 (Delhi - Trib.),
the Tribunal held that loan having been advanced by assessee to its AE in foreign
currency, rate of interest has to be with reference to foreign currency in
which loan has been advanced.