https://www.taxtmi.com/caselaws?id=259749 The court ruled against the assessee, holding that converting interest into a loan does not constitute "actual payment" as required by Section 43B of the Income-tax Act, 1961. The court referred to retrospective amendments introduced by the Finance Act, 2006, specifically Explanation 3C, which clarifies that such conversion does not meet the criteria for deduction. Citing relevant case law, the court concluded that the assessee's argument was not valid, ultimately ruling in favor of the revenue and allowing the appeal without costs. en-us Mon, 18 May 2015 00:00:00 +0530 Sat, 07 Nov 2015 15:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259749 The court ruled against the assessee, holding that converting interest into a loan does not constitute "actual payment" as required by Section 43B of the Income-tax Act, 1961. The court referred to retrospective amendments introduced by the Finance Act, 2006, specifically Explanation 3C, which clarifies that such conversion does not meet the criteria for deduction. Citing relevant case law, the court concluded that the assessee's argument was not valid, ultimately ruling in favor of the revenue and allowing the appeal without costs. Case-Laws Income Tax Mon, 18 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259749