2012 (4) TMI 650 - HC - Income Tax

Summary

The High Court dismissed the appeals as the issue of tax deduction on bill discounting was already decided in a previous case involving Cargill Global Trading Pvt. Ltd. The court held that bill discounting cannot be treated as interest paid, so tax deduction was not required. The present appeals involving Cargill Financial Services Asia Pvt Ltd were dismissed as no substantial question of law arose.