Concessional Basic Customs Duty on Ethernet switches: classification as enterprise switches upheld, challenge dismissed for lack of substantial law qu...
Insolvency petition based on admitted debt and default upheld; challenge for malicious initiation rejected, settlement may proceed under resolution fr...
Quashing of FIR and challenge to ECIR over alleged diversion of funds and preferential ESOP pricing dismissed after prima facie money-laundering findi...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
