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Interest Paid on Defaulted Interest allowed or disallowed in PGBP

This query is : Resolved 
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(Querist)
28 December 2023 ABC Ltd Outstanding interest of Rs.5 Lacs converted into Loan of 5 Lacs or Debentures of 5 Lacs.
Does interest paid on above 5 Lacs loan or 5Lacs Debentures (which is a interest converted loan/ Interest converted into debentures), allowed a business expenditure for Income Tax Purpose?.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
28 December 2023 Yes, such interest payment is allowed as business expenditure for income tax.
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