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2011 (6) TMI 49 - HC - Income TaxInterest - Whether the Tribunal was right in holding that conversion of overdue interest into funded interest by the financial institutions would constitute actual payment of interest u/s 43B - As per the decision of this Court's reported in 2001 -TMI - 12801 - MADRAS High Court (Kalpana Lamps and Components Ltd. V. Deputy Commissioner of Income-Tax), held that the assessee had made as regards the claim was only by way of a provision in the profit and loss account and no actual payment was made by the assessee in respect of the interest payable - Hence, set aside the order of the Tribunal - Decided in favour of the Revenue.
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