Tata Steel Ltd. v. Dy. CIT (2024)109 ITR 18 (Mum) (Trib)

S. 36(1)(iii) :Interest on borrowed capital-Perpetual non-convertible debentures —Debentures as appropriation out of profits in financial statements 1Debentures repaid in exercise of call option 1Interest allowable as deduction.

Held that the debentures were actually repaid and the interest on debentures was allowable as an expenditure under section 36(1)(iii) of the Act. (AY.2019-20)

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