Disallowance u/s 43B unsustainable as interest paid via OD/CC account

ACIT Vs Ashok Radhakishen Mehra (ITAT Mumbai) The interest amount has been actually paid by the assessee through Overdraft/Cash Credit account and, therefore, set aside the disallowance made under Section 43B of the Act. Facts- During the course of the assessment proceedings it was observed by the A.O that the assessee had debited bank interest expenses of Rs.1,93,79,723/- in his P&L account. On being queried that as to why the aforesaid interest expenditure may not be disallowed in case the same was not actually paid within the meaning of Sec. 43B(d)/(e) r.w ‘Explanation 3D’, it w...