Held that premium payable on redemption of debentures to be spread over period of debenture. Amount pertaining to assessment year in question deductible even though paid on redemption. (AY.2003-04 to 2005-06, 2009-10)
ACIT v. Investment Trust of India Ltd. (2021) 88 ITR 566 / 211 TTJ 777/ 203 DTR 289 (Chennai) (Trib.) Dy. CIT v. HFCL Infotel Ltd. (2021) 88 ITR 566 / 211 TTJ 777/ 203 DTR 289 (Chennai)(Trib.)
S. 37(1) : Business expenditure-Premium payable on redemption of debentures-Spread over period of debenture.