https://www.taxtmi.com/caselaws?id=262459 The Court upheld the Assessee's claim for deduction for allotment of shares in lieu of interest liability, considering the conversion of interest into shares as actual payment under Section 43B of the Income Tax Act. It deemed the re-opening of the case under Section 147 as a change of opinion, affirming that the original assessment adequately addressed the matter. The Court dismissed the Revenue's appeals, finding no legal flaw in the ITAT's decision and rejecting the request to frame questions of law. en-us Thu, 06 Aug 2015 00:00:00 +0530 Sat, 07 Nov 2015 11:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262459 The Court upheld the Assessee's claim for deduction for allotment of shares in lieu of interest liability, considering the conversion of interest into shares as actual payment under Section 43B of the Income Tax Act. It deemed the re-opening of the case under Section 147 as a change of opinion, affirming that the original assessment adequately addressed the matter. The Court dismissed the Revenue's appeals, finding no legal flaw in the ITAT's decision and rejecting the request to frame questions of law. Case-Laws Income Tax Thu, 06 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262459