2018 (8) TMI 1553

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....or CIT. Respondent Through: O R D E R The Revenue appeals against an order of the Income Tax Appellate Tribunal ('ITAT') under Section 260-A of the Income Tax Act, 1961 ('the Act') contending that the rejection of its arguments on the tenability of re-assessment and the justification given for the disallowance of loan restructuring fee and alike charges paid by the assessee, was erroneous....

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....udes not only interest but also the other amounts. This Court notices that the ITAT relied upon the judgment in the case of 'Commissioner of Income Tax vs. Gujarat Guardian Limited', 220 CTR 526 and reasoned as follows:- "7.2. The case of the assessee on merit is also governed by section 2(28A) of the I.T. Act which provides the definition of "interest" as under: "Interest", means interes....

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....on of assessee that when payment of interest is made in assessment year under appeal, it is an allowable deduction under section 43B(d) of the I.T. Act. It may be noted here that loan restructuring process fees as has been paid by the assessee to ICICI Bank, which represented the interest that would have been payable by the assessee if no restructuring of loan have taken place. Since we have al....