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Case Law Details

Case Name : M.M. Aqua Technologies Ltd. Vs CIT (Supreme Court of India)
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M.M. Aqua Technologies Ltd. Vs CIT (Supreme Court of India)

In the return filed by it, the Appellant claimed a deduction of Rs.2,84,71,384/- under Section 43B based on the issue of debentures in lieu of interest accrued and payable to financial institutions. By an order dated 29th October, 1998, the Assessing Officer rejected the Appellant’s contention by holding that the issuance of debentures was not as per the original terms and conditions on which the loans were granted, and that interest was payable,

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