https://www.taxtmi.com/caselaws?id=258385 The High Court ruled in favor of the Revenue, emphasizing the significance of Explanation 3C in interpreting Section 43B of the Income Tax Act. The Court held that interest converted into a loan cannot be deemed as actually paid under Section 43B, as clarified by Explanation 3C inserted with retrospective effect. Citing relevant case law and legal provisions, the High Court allowed the Revenue's appeals and answered the substantial question of law in their favor, highlighting the impact of Explanation 3C on the deduction of interest liability converted into a term loan. en-us Wed, 11 Feb 2015 00:00:00 +0530 Sat, 07 Nov 2015 15:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258385 The High Court ruled in favor of the Revenue, emphasizing the significance of Explanation 3C in interpreting Section 43B of the Income Tax Act. The Court held that interest converted into a loan cannot be deemed as actually paid under Section 43B, as clarified by Explanation 3C inserted with retrospective effect. Citing relevant case law and legal provisions, the High Court allowed the Revenue's appeals and answered the substantial question of law in their favor, highlighting the impact of Explanation 3C on the deduction of interest liability converted into a term loan. Case-Laws Income Tax Wed, 11 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258385