https://www.taxtmi.com/caselaws?id=12801 The Court upheld the Tribunal's decision, rejecting the argument that converting outstanding interest into a term loan does not discharge the interest liability. It clarified that deductions under Section 43B for interest on borrowings from public financial institutions are only allowed when the interest is actually paid, not merely postponed. The Court also ruled that a circular regarding sales tax deferral schemes does not apply to interest payable to public financial institutions under Section 43B(d). The appeal was dismissed, affirming the Tribunal's decision. en-us Tue, 04 Sep 2001 00:00:00 +0530 Fri, 22 May 2009 11:06:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12801 The Court upheld the Tribunal's decision, rejecting the argument that converting outstanding interest into a term loan does not discharge the interest liability. It clarified that deductions under Section 43B for interest on borrowings from public financial institutions are only allowed when the interest is actually paid, not merely postponed. The Court also ruled that a circular regarding sales tax deferral schemes does not apply to interest payable to public financial institutions under Section 43B(d). The appeal was dismissed, affirming the Tribunal's decision. Case-Laws Income Tax Tue, 04 Sep 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12801