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Case Law Details

Case Name : CIT Vs Pennar Profiles Ltd. (Telangana and Andhra Pradesh High Court)
Related Assessment Year :
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Brief of the Case

In the present facts of the Case the Hon’ble High Court held that Explanation 3C to section 43B is having retrospective effect from 01/04/1989. Therefore, conversion of interest amount into loan would not be actually deemed to be actual payment.

Facts of the Case

The assessee is engaged in the business of manufacturing Aluminium Extrusions. They had filed returns of income, showing loss of

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