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Case Law Details

Case Name : CIT, Delhi Vs M.M. Aqua Technologies Ltd (Delhi High Court)
Related Assessment Year :
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Issue is:- “Whether the funding of the interest amount by way of a term loan amounts to actual payment as contemplated by Section 43B of the Income-tax Act, 1961?”

Fact of the case:-

1. Assessee was heavily indebted to its institutional creditors and ICICI was the lead manager of those creditors.

2. The accumulated interest on the overdue principal had mounted to Rs. 3,00,14,900 and The assessee was unabl

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