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of <h1>CBDT Clarifies Discount on Bonds: Deduct as Ascertained Liability in Year of Issue Under Income Tax Act, 1961.</h1> The circular from the Central Board of Direct Taxes (CBDT) addresses the treatment of discounts on bonds issued by financial institutions under the Income Tax Act, 1961. It clarifies that the discount granted on the issuance of debentures should be considered an ascertained liability in the year of issue. Consequently, the loss equivalent to the discount should be allowed as a deduction in the same year. The circular instructs Income-tax Officers to apply this guideline when assessing such cases.
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