https://www.taxtmi.com/caselaws?id=330495 The court upheld the revenue's contention that only actual payment qualifies for deduction under Section 43B of the Income Tax Act, despite the issuance of non-convertible debentures. The review petition, emphasizing debentures as securities, argued for deeming them as paid upon issuance, but the court rejected this argument. The court emphasized the necessity of actual payment as per Explanation 3C to Section 43B, dismissing the review petition and affirming the legal requirement for deduction under the Income Tax Act. en-us Fri, 22 Jul 2016 00:00:00 +0530 Thu, 17 Nov 2016 12:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330495 The court upheld the revenue's contention that only actual payment qualifies for deduction under Section 43B of the Income Tax Act, despite the issuance of non-convertible debentures. The review petition, emphasizing debentures as securities, argued for deeming them as paid upon issuance, but the court rejected this argument. The court emphasized the necessity of actual payment as per Explanation 3C to Section 43B, dismissing the review petition and affirming the legal requirement for deduction under the Income Tax Act. Case-Laws Income Tax Fri, 22 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330495