Interest actually paid in ‘One Time Settlement’ scheme is eligible for sec. 43B relief: ITAT

INCOME TAX : Where assessee company had raised a term loan from GIIC, however was unable to payback same and pursuant to OTS sanctioned by GIIC, sum of Rs. 1.19 crores had actually been paid by assessee company to GIIC out of interest of Rs. 3.24 crores that was disallowed under section 43B in earlier years, said sum actually paid would be eligible as a deduction during year under consideration under section 43B

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000317372/interest-actually-paid-in-‘one-time-settlement’-scheme-is-eligible-for-sec-43b-relief-itat.aspx