Bill discounting not considered interest paid; Tax deduction denied in Cargill case

The High Court dismissed the appeals as bill discounting cannot be treated as interest paid, following a previous case involving Cargill Global Trading Pvt. Ltd. Therefore, tax deduction was not required in the case of Cargill Financial Services Asia Pvt Ltd, as no substantial question of law arose.

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The High Court dismissed the appeals as the issue of tax deduction on bill discounting was already decided in a previous case involving Cargill Global Trading Pvt. Ltd. The court held that bill discounting cannot be treated as interest paid, so tax deduction was not required. The present appeals involving Cargill Financial Services Asia Pvt Ltd were dismissed as no substantial question of law arose.

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