Statutory refund interest requires correction of short computation and compensation where admitted interest remains unpaid through administrative dela...
Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
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Scope of Explanation C of Section 43B - Actual payment of interest or not - Issuance of debenture in lieu of Interest - since Explanation 3C was added in 2006 with the object of plugging a loophole – i.e. misusing Section 43B by not actually paying interest but converting interest into a fresh loan, bona fide transactions of actual payments are not meant to be affected - In the present case, it is clear that interest was “actually paid” by means of issuance of debentures, which extinguished the liability to pay interest. - Deduction allowed - SC
Scope of Explanation C of Section 43B - Actual payment of interest or not - Issuance of debenture in lieu of Interest - since Explanation 3C was added in 2006 with the object of plugging a loophole – i.e. misusing Section 43B by not actually paying interest but converting interest into a fresh loan, bona fide transactions of actual payments are not meant to be affected - In the present case, it is clear that interest was “actually paid” by means of issuance of debentures, which extinguished the liability to pay interest. - Deduction allowed - SC
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