Binding precedent remains operative despite pending challenge, supporting deletion of interest disallowance when debt is converted into preference shares.

Binding precedent remains operative despite pending challenge, supporting deletion of interest disallowance when debt is converted into preference shares. https://www.taxtmi.com/highlights?id=104995 Section 43B disallowance of interest liability converted into preference shares under a corporate debt restructuring arrangement was deleted. A High Court judgment affirming the relevant Tribunal approach retained its precedential value despite the Revenue's pending Special Leave Petition. Mere pendency of a challenge before the Supreme Court does not displace that judgment unless it is stayed, reversed, or modified. The Tribunal therefore sustained deletion of the disallowance and dismissed the Revenue's appeal. en-us Thu, 15 Oct 2026 05:44:05 +0530 Thu, 15 Oct 2026 05:44:08 +0530 TaxTMI RSS Generator Binding precedent remains operative despite pending challenge, supporting deletion of interest disallowance when debt is converted into preference shares. https://www.taxtmi.com/highlights?id=104995 Section 43B disallowance of interest liability converted into preference shares under a corporate debt restructuring arrangement was deleted. A High Court judgment affirming the relevant Tribunal approach retained its precedential value despite the Revenue's pending Special Leave Petition. Mere pendency of a challenge before the Supreme Court does not displace that judgment unless it is stayed, reversed, or modified. The Tribunal therefore sustained deletion of the disallowance and dismissed the Revenue's appeal. Highlights Income Tax Thu, 15 Oct 2026 05:44:05 +0530 https://www.taxtmi.com/highlights?id=104995