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)
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.
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