https://www.taxtmi.com/caselaws?id=204129 The High Court of Madras ruled in a Tax Case Appeal concerning the interpretation of Section 43B of the Income Tax Act. The appellant, a financial institution, claimed a deduction for interest converted into funded interest but had not made actual payments. Despite relying on a Board's circular and a previous decision, the court emphasized the necessity of actual payment for deductions under Section 43B. Citing legal precedents, including a Supreme Court ruling, the court held that provisions in accounts without actual payments do not meet statutory requirements. The court ruled in favor of the Revenue, emphasizing the importance of real payments for claiming deductions under Section 43B. en-us Mon, 20 Jun 2011 00:00:00 +0530 Tue, 28 Jun 2011 17:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204129 The High Court of Madras ruled in a Tax Case Appeal concerning the interpretation of Section 43B of the Income Tax Act. The appellant, a financial institution, claimed a deduction for interest converted into funded interest but had not made actual payments. Despite relying on a Board's circular and a previous decision, the court emphasized the necessity of actual payment for deductions under Section 43B. Citing legal precedents, including a Supreme Court ruling, the court held that provisions in accounts without actual payments do not meet statutory requirements. The court ruled in favor of the Revenue, emphasizing the importance of real payments for claiming deductions under Section 43B. Case-Laws Income Tax Mon, 20 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204129