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2012 (10) TMI 148 - BOMBAY HIGH COURTDeduction of interest on a proportionate basis - Term loan from SICOM - one time settlement (OTS) - appellant was granted a deduction in respect of interest in the sum of Rs.19 lacs only as aginst Rs.1,46,63,160 - Held that:- The assessee has not produced any evidence to indicate the apportionment of the OTS amount of Rs.91 lacs towards principal and interest. It is obvious that a part of above amount was towards interest for the OTS amount was admittedly more than Rs.72 lacs (principal amount) - working of the proportionate amount by the assessee is not based on what infact transpired between SICOM and itself. The basis is merely hypothetical. It is not inconceivable that the interest was waived and/or reduced - against assessee.
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