https://www.taxtmi.com/caselaws?id=763698 HC held that conversion of outstanding interest into equity shares extinguished the liability and, following the Supreme Court's interpretation of section 43B, amounted to "actual payment" for purposes of deduction. Because Revenue did not dispute that the liability ceased on issuance of shares, the assessee was entitled to the benefit of section 43B. The substantial question of law was answered in favour of the assessee. en-us Mon, 23 Dec 2024 00:00:00 +0530 Mon, 15 Sep 2025 15:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763698 HC held that conversion of outstanding interest into equity shares extinguished the liability and, following the Supreme Court's interpretation of section 43B, amounted to "actual payment" for purposes of deduction. Because Revenue did not dispute that the liability ceased on issuance of shares, the assessee was entitled to the benefit of section 43B. The substantial question of law was answered in favour of the assessee. Case-Laws Income Tax Mon, 23 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763698