Held that though payment effected only on maturity of debentures the liabilities to the extent of loss suffered had to be applied in respect of each year covered by the debentures to an appropriate extent. Followed Madras Industrial Investment Corporation Ltd. v. CIT (1997) 225 ITR 802(SC). (AY.1999-2000)
CIT v. Apollo Tyres Ltd. (No. 1) (2022) 447 ITR 377 (Ker.)(HC)
S. 37(1) : Business expenditure-Debenture at premium-Liability to be spread over period covered by debentures. [S. 145]