https://www.taxtmi.com/caselaws?id=66901 The tribunal upheld the disallowance of Rs. 2,89,61,025 under Section 43B, ruling that the conversion of interest into a loan did not constitute actual payment as required by the section. The tribunal rejected the argument that such conversion could fulfill the payment requirement, emphasizing the necessity of a physical transfer of funds. The appeal was dismissed, with the tribunal affirming the decisions of the Assessing Officer and CIT(A) in denying the deduction claimed by the assessee. en-us Mon, 31 Aug 1998 00:00:00 +0530 Tue, 08 Mar 2011 10:47:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66901 The tribunal upheld the disallowance of Rs. 2,89,61,025 under Section 43B, ruling that the conversion of interest into a loan did not constitute actual payment as required by the section. The tribunal rejected the argument that such conversion could fulfill the payment requirement, emphasizing the necessity of a physical transfer of funds. The appeal was dismissed, with the tribunal affirming the decisions of the Assessing Officer and CIT(A) in denying the deduction claimed by the assessee. Case-Laws Income Tax Mon, 31 Aug 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66901