Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
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On fresh examination of the capital bond agreement, the ITAT found that clause 5 created a binding obligation on the assessee to pay accrued interest to Prestige. Because the bond funds were provided by Prestige and the related interest income had been assessed in the assessee's hands, the corresponding interest liability was deductible as an allowable expenditure. The earlier view that no enforceable obligation existed was rejected, and the disallowance of interest paid to Prestige was directed to be deleted. The appeals were allowed to that extent.
On fresh examination of the capital bond agreement, the ITAT found that clause 5 created a binding obligation on the assessee to pay accrued interest to Prestige. Because the bond funds were provided by Prestige and the related interest income had been assessed in the assessee's hands, the corresponding interest liability was deductible as an allowable expenditure. The earlier view that no enforceable obligation existed was rejected, and the disallowance of interest paid to Prestige was directed to be deleted. The appeals were allowed to that extent.
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