S. 43B Conversion of outstanding interest into loan not amount to payment

CIT Vs. M/s Gujarat Cypromet Ltd. (Supreme Court of India) The conversion of outstanding interest into loan does not amount to actual payment of the interest in order to qualify for deduction in view of the retrospective insertion of Explanation 3C to Section 43B of Income Tax Act, 1961. FULL TEXT OF THE SUPREME COURT JUDGMENT We have heard Mr. Sanjay Jain, learned ASG appearing for the appellant. Despite service, no one is present on behalf of the respondent. This appeal has been filed against the judgment dated 31.08.2006 passed by the High Court of Gujarat in Tax Appeal No. 231 of 2006, wh...