Supreme Court · 2015 INSC 243 · Decided 23 March 2015
Taparia Tools Limited v. Joint Commissioner of Income Tax Special, Range -1, Nasik
- Court
- Supreme Court of India
- Citation
- 2015 INSC 243 · [2015] 3 S.C.R. 746
- Case number
- CIVIL APPEAL No. 6366/2003
- Decided
- 23 March 2015
- Bench
- A.K. SIKRI (1-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 36(i)(iii), 36
Headnote
Income Tax Act, 1961: s.36(i)(iii) - Deduction - Interest C paid upfront to the debenture holder whether allowable in the first year itself or to be spread over a period of five years being the life of the debentures - In the instant case, in the debenture issue, two the payment of 0 interest were given to the debenture holders - Payment of interest every half yearly@ 18% .p.a. over a period of 5 years or else, one time upfront payment of~ 55 per debenture - Assessee having followed the mercantile system of accounting showed the upfront payment of interest on
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