Held that the premium paid on maturity of foreign currency convertible bond allowable as deduction, same could not be disallowed on the ground that the expenditure was not routed through the P&L account. (AY. 2012-13)
Dy. CIT v. Kanoria Chemicals & Industries Ltd. (2022) 215 TTJ 1003 (Kol)(Trib)
S. 36(1)(iii) : Interest on borrowed capital-Premium paid maturity of foreign currency convertible bonds-Not debited to profit and loss account-Disallowance is not valid. [S. 145, Companies Act, 1956]