Supreme Court · 2021 INSC 397 · Decided 11 August 2021
M.M. Aqua Technologies LTD. v. Commissioner of Income Tax, Delhi-Iii
- Court
- Supreme Court of India
- Citation
- 2021 INSC 397 · [2021] 8 S.C.R. 237
- Case number
- CIVIL APPEAL No. 4742/2021
- Decided
- 11 August 2021
- Bench
- R.F. NARIMAN, BHUSHAN RAMKRISHNA GAVAI (2-judge bench)
- Outcome
- Leave Granted & Allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 43B
Headnote
Income Tax Act, 1961: s. 43B explanation 3C - Certain deductions to be only on actual payment - Funding of interest amount by way of a term debenture, if amounts to actual payment - Appellant-assessee company had obtained loan from financial institutions for business operations is payable - Assessee unable to discharge interest liability due to its financial hardship - It approached financial institution for a rehabilitation plan - In terms of the Plan, assessee issued convertible debentures in lieu of interest payment and then claimed a deduction
Judgments are the courts' own published copies, provided for study; they are not certified copies. Source: Indian Supreme Court & High Court Judgments, Dattam Labs (CC-BY-4.0)