Deduction of Interest waived under OTS Scheme

DCIT Vs K.S. Diesels Ltd. (ITAT Mumbai)

we are of the considered view that as the assessee as per the terms and conditions of the OTS had during the year under consideration made a payment of interest of Rs.1,91,19,083/- to GIIC out of the interest of Rs.3,23,84,509/- (supra) that was disallowed u/s 43B in the said earlier years, therefore, such sum so actually paid would be eligible as a deduction during the year under consideration u/s 43B of the Act.

As regards the balance amount of interest of Rs. 1,32,65,4

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