Treatment to be given to unclaimed debenture amount when same is used by assessee-company for its business: HC Mumbai

RELEVANT PARAGRAPHS:

9. In the instant case, since it is not in dispute that the amount, in question, has already been utilized by the Assessee for the purpose of its business from time to time and by Board Resolution the Assessee has transferred the amount to the Reserve Fund Account, and considering the judgment of the Supreme Court in the case of Commissioner of Income-tax vs. T. V. Sundaram Iyengar and Sons Ltd. (supra), the amount utilized for the purpose of business of the Assessee wa

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