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2020 (6) TMI 413 - HC - Income TaxAllowable revenue expenditure - expenditure on conversion of interest payable to financial institutions, banks into 10% redeemable preference shares - HELD THAT:- Substantial question of law No.1 is covered by decisions of this court as well as Delhi High Court in case of ‘KIRLOSKAR ELECTRIC CO. LTD VS. CIT [1997 (7) TMI 109 - KARNATAKA HIGH COURT], ‘COMMISSIONER OF INCOME TAX V. RATHI GRAPHICS TECHNOLOGIES LTD. [2015 (8) TMI 376 - DELHI HIGH COURT]and answered against the revenue. Allowable as expenditure when the interest had been written off - HELD THAT:- Question framed in this appeal is squarely covered by a decision in JINDAL VIJAYANAGAR STEEL LIMITED. [2011 (8) TMI 1334 - SC ORDER] which is answered against the revenue. The aforesaid statement could not be disputed by learned counsel for the revenue.
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