Discharging debt / Interest due to bank by issuing share capital would not amount to payment u/s. 43B

IN THE ITAT KOLKATA BENCH ‘A’ Income-tax Officer v/s. Glittek Granites Ltd. IT Appeal NO 1069 (KOL.) OF 2010 [ASSESSMENT YEAR 2005-06] SEPTEMBER 14, 2012 ORDER Pramod Kumar, Accountant Member – By way of this appeal, the Assessing Officer has called into question correctness of Commissioner of Income Tax (Appeals)’s order dated 9th February, 2010, in the matter of assessment u/s. 143(3) of the Income Tax Act, 1961 for the assessment year 2005-06, on the following grounds :- (1) Ld. CIT(A) erred on law and facts by deleting addition of Rs.68,18,318/- u/s...