https://www.taxtmi.com/caselaws?id=259744 The High Court ruled in favor of the Revenue, stating that the conversion of interest into a loan did not qualify as actual payment under Section 43B of the Income Tax Act, 1961. The court directed the Assessing Officer to verify if the interest payments were actually made during the relevant Assessment Year. If confirmed, the assessee would be eligible for the benefit of Section 43B. The appeal was partially allowed, with the specific issue remitted to the Assessing Officer for further assessment. en-us Thu, 30 Apr 2015 00:00:00 +0530 Wed, 20 May 2015 09:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259744 The High Court ruled in favor of the Revenue, stating that the conversion of interest into a loan did not qualify as actual payment under Section 43B of the Income Tax Act, 1961. The court directed the Assessing Officer to verify if the interest payments were actually made during the relevant Assessment Year. If confirmed, the assessee would be eligible for the benefit of Section 43B. The appeal was partially allowed, with the specific issue remitted to the Assessing Officer for further assessment. Case-Laws Income Tax Thu, 30 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259744