Discount on Commerical Papers and Interest on Non-Convertible Debentures are Allowed as Business Expenses

CA Isha Seth

Question of Law Raised By ITAT:

Whether the Income Tax Appellate Tribunal as also the Commissioner of Income Tax (Appeals) had not erred in law and / or on facts in deleting the disallowance on discount and interest on borrowing through commercial papers and Non-Convertible Debentures (NCDs) amounting to Rs. 10,79,75,982/-?

Whether the Income Tax Appellate Tribunal as also the Commissioner of Income Tax (Appeals) had not erred in law and / or on facts in deleting the disallowance on discount and interest on borrowing through commercial papers and Non-Convertible Debentures (NCDs) amounting to Rs. 10,79,75,982/-? [RELEVANT EXTRACT FROM HIGH COURT ORDER]

In relation to Question of Law (a):

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