[aaykarbhavan] HC disallows interest as its liability accrued in later years when equity was converted into debt with retro-effect

 HC disallows interest as its liability accrued in later years when equity was converted into debt with retro-effect

July 2, 2014[2014] 45 taxmann.com 437 (Delhi)

IT: Deduction under section 36(1)(iii) on account of payment of interest on loan converted from share capital, was not admissible as where liability to pay interest had not crystallized during relevant previous year

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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