https://www.taxtmi.com/caselaws?id=759814 The ITAT Mumbai rejected the assessee's claim for deduction of premium paid on repayment of optionally convertible debentures under section 37. The Tribunal held that the assessee had no obligation to redeem the debentures during the relevant previous year, at account finalization, or return filing date. Since no actual payment was made during the year and no liability existed, deduction could not be allowed on either accrual or payment basis. The decision followed a similar ruling in the assessee's subsequent assessment years, deciding against the assessee. en-us Mon, 29 Apr 2024 00:00:00 +0530 Tue, 08 Oct 2024 14:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759814 The ITAT Mumbai rejected the assessee's claim for deduction of premium paid on repayment of optionally convertible debentures under section 37. The Tribunal held that the assessee had no obligation to redeem the debentures during the relevant previous year, at account finalization, or return filing date. Since no actual payment was made during the year and no liability existed, deduction could not be allowed on either accrual or payment basis. The decision followed a similar ruling in the assessee's subsequent assessment years, deciding against the assessee. Case-Laws Income Tax Mon, 29 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759814