2020 (1) TMI 1472

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....rs. Anil Katiyar, AOR Mr. M.D. Akhil, Adv. For Respondent(s): Mr. Ajay Vohra, Sr. Adv. Ms. Kavita Jha, AOR Mr. Vaibhav Kulkarni, Adv. Mr. Udit Naresh, Adv. ORDER Heard learned counsel for the parties. These appeals were admitted only in reference to question of law formulated as follows: - "Whether on the facts and in the circumstances of the case, the Hon'ble High Court of De....

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....eported decision itself. The ITAT in its judgment had observed as follows: "31. We have heard the rival submissions. The assessee had made proposal to Industrial Development Bank of India (IDBI) for restructuring of debt IDBI vide letter dated 19th March 1995 agreed to, inter alia, reduce the rate of interest on rupee loan to 15% per annum, effective from 1st April, 1995 upon payment o....

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....d deduction as revenue expenditure. The prepayment premium being revenue expenditure, is to be allowed deduction in the year of accrual thereof, since the Act does not recognize the concept of deferred revenue expenditure. 32. The decision of the Chennai Bench of the Tribunal in the case of Overseas Ltd. Vs. JCIT 86 ITD 602 Chennai also supports the plea of the assessee. Besides the above....