S. 43B Conversion of outstanding interest into loan not amount to payment

CIT Vs. M/s Gujarat Cypromet Ltd. (Supreme Court of India)

The conversion of outstanding interest into loan does not amount to actual payment of the interest in order to qualify for deduction in view of the retrospective insertion of Explanation 3C to Section 43B of Income Tax Act, 1961.

FULL TEXT OF THE SUPREME COURT JUDGMENT

We have heard Mr. Sanjay Jain, learned ASG appearing for the appellant. Despite service, no one is present on behalf of the respondent.

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