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2006 (7) TMI 201 - MADHYA PRADESH HIGH COURTConversion of interest into loan – held that - Explanation 3C has now in clear terms provided that such conversion of interest amount into loan shall not be deemed to be regarded as “actually paid” amount within the meaning of section 43B. In view of clear legislative mandate removing this doubt and making the intention of the Legislature clear in relation to such transaction, it is not now necessary for this court to interpret the unamended section 43B in detail, nor is it necessary for this court to take note of facts in detail as also the submissions urged in support of various contentions except to place reliance on Explanation 3C to section 43B and answer the questions against the assessee and in favour of the Revenue.
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