https://www.taxtmi.com/caselaws?id=247855 The High Court of Calcutta ruled in favor of the Revenue, holding that the conversion of interest into a loan does not qualify as "actually paid" under section 43B for deduction purposes. The Court emphasized the retrospective effect of Explanation 3C from April 1, 1989, and its significance in interpreting the provision. By considering legislative intent and relevant precedents, the Court rejected the Assessee's argument, setting aside the previous order and upholding the Revenue's position in the case. en-us Tue, 13 May 2014 00:00:00 +0530 Sun, 25 May 2014 12:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247855 The High Court of Calcutta ruled in favor of the Revenue, holding that the conversion of interest into a loan does not qualify as "actually paid" under section 43B for deduction purposes. The Court emphasized the retrospective effect of Explanation 3C from April 1, 1989, and its significance in interpreting the provision. By considering legislative intent and relevant precedents, the Court rejected the Assessee's argument, setting aside the previous order and upholding the Revenue's position in the case. Case-Laws Income Tax Tue, 13 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247855