https://www.taxtmi.com/caselaws?id=9944 The court upheld the Income-tax Appellate Tribunal's decision to allow the assessee's claim for proportionate allowance of premium payable on the redemption of debentures. It held that the liability to pay premium arose when the debentures were issued, making it an allowable expenditure under the Income-tax Act. The court emphasized that spreading the liability over the years provides a more accurate financial representation and dismissed the appeals, finding no substantial question of law for consideration. en-us Fri, 19 May 2006 00:00:00 +0530 Fri, 03 Jul 2009 16:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9944 The court upheld the Income-tax Appellate Tribunal's decision to allow the assessee's claim for proportionate allowance of premium payable on the redemption of debentures. It held that the liability to pay premium arose when the debentures were issued, making it an allowable expenditure under the Income-tax Act. The court emphasized that spreading the liability over the years provides a more accurate financial representation and dismissed the appeals, finding no substantial question of law for consideration. Case-Laws Income Tax Fri, 19 May 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9944