Held that the Department having admitted that the accounting entries were made in accordance with the Companies Act, 1956, that the expenditure claimed on account of premium was otherwise admissible under the relevant provisions of the Act and that this issue had been decided in favour of the assessee in the earlier assessment year by the Tribunal, the order of the Commissioner (Appeals) was to be affirmed. (AY. 2012-13)
Kanoria Chemicals and Industries Ltd. v. ACIT (2021) 91 ITR 82 (SN) /(2022) 210 DTR 279(Kol.)(Trib.)
S. 36(1)(iii) : Interest on borrowed capital-Foreign currency convertible Bonds-Premium on maturity-Allowable as deduction.