M/S. V2 RETAIL LIMITED vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-10, KOLKATA

The appeal is Allowed to

Bench: : The Hon’Ble Justice Surya Prakash Kesarwani

4A of the Companies Act, therefore, the interest of Rs.9,75,16,996/- on unsecured debentures payable by the appellant-assessee to the “LIC Mutual Fund” is not covered by Section 43B of the Act, 1961. Consequently, it could not be disallowed