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2006 (5) TMI 72 - HC - Income TaxExpenditure u/s 37 - proportionate allowance of premium payable on redemption of debentures - whether Tribunal was correct in law in allowing the assessee's claim for proportionate allowance of premium payable on redemption of debentures issued by it - What is important is that the liability to pay premium arises in the year in which the debentures were issued and could be proportionately spread over the period prescribed for the maturity of such debentures. It matters little whether the debentures were redeemable at will or only upon maturity. The Tribunal was in that view perfectly justified in allowing the deduction claimed by the assessee.
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