Debenture redemption Premium allowable in each year covered by debentures

CIT Vs M/s Apollo Tyres Ltd (Kerala High Court) Conclusion: Loss on account of issuance of debentures at premium was expenses for the borrowing and therefore, was allowable as deduction u/s 37 in computing the income however, the loss suffered had to be applied in respect of each year covered by debentures, to an appropriate extent. Held: Assessee claimed loss on account of issuance of debentures at premium in the year of maturity. AO held premium payable on redemption of the debenture was expenses for the borrowing and therefore, was allowable as deduction u/s 37 in computing the income howev...