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Income Tax - Highlights / Catch Notes

Home Highlights June 2021 Year 2021 This

Disallowance of interest payment converted into FITL (Funded ...


Interest Payments as FITL Not 'Actual Payment' u/s 43B; No Additions to Taxable Income.

June 11, 2021

Case Laws     Income Tax     AT

Disallowance of interest payment converted into FITL (Funded Interest Term Loans) - the impugned ‘funded interest term loan’ is not a loan transaction but assessee’s contract agreement with the creditor party and therefore, the CIT(A) has held that the same is not exigible to ‘actual payment’ contemplated u/s.43B of the Act. - No additions - AT

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