2020 (6) TMI 413

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..... AT:- Substantial question of law No.1 is covered by decisions of this court as well as Delhi High Court in case of KIRLOSKAR ELECTRIC CO. LTD VS. CIT [ 1997 (7) TMI 109 - KARNATAKA HIGH COURT] , COMMISSIONER OF INCOME TAX V. RATHI GRAPHICS TECHNOLOGIES LTD. [ 2015 (8) TMI 376 - DELHI HIGH COURT] and answered against the revenue. Allowable as expenditure when the interest had been written o .....

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..... y a Bench of this Court vide order dated 24.11.2011 on the following substantial questions of law: a) Whether the finding of the appellate authorities that a sum of ₹ 211,57,21,643/- conversion of interest payable to financial institutions, banks into 10% redeemable preference shares would amount to allowable revenue expenditure when the same is not actually paid, is perverse and arbit .....

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..... the claim for restructuring package as deduction and it was further held that if interest component was written off then the question of allowing the deduction of the principal as an expenditure did not arise. The Commissioner of Income Tax (Appeals) partly allowed the appeal. Being aggrieved, the revenue preferred an appeal. The tribunal by order dated 10.12.2010 dismissed the appeal preferred b .....

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