https://www.taxtmi.com/caselaws?id=421913 The High Court upheld the decisions of the CIT(A) and ITAT, ruling that the issuance of equity shares by the assessee company to ICICI Ltd. in lieu of outstanding interest qualified as "actual payment" under Section 43B of the Income Tax Act, 1961. The court found that the shares extinguished the liability, thus allowing for the deduction claimed. Additionally, the court determined that the reopening of the assessment under Section 148 was not justified as the conversion of interest into equity shares was not covered by Explanation 3C to Section 43B. The appeal was dismissed without any substantial question of law. en-us Fri, 21 Jan 2022 00:00:00 +0530 Tue, 03 May 2022 10:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421913 The High Court upheld the decisions of the CIT(A) and ITAT, ruling that the issuance of equity shares by the assessee company to ICICI Ltd. in lieu of outstanding interest qualified as "actual payment" under Section 43B of the Income Tax Act, 1961. The court found that the shares extinguished the liability, thus allowing for the deduction claimed. Additionally, the court determined that the reopening of the assessment under Section 148 was not justified as the conversion of interest into equity shares was not covered by Explanation 3C to Section 43B. The appeal was dismissed without any substantial question of law. Case-Laws Income Tax Fri, 21 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421913