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Section 36(1)(iii)

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(Querist)
19 March 2015 Do the words u/s 36(1)(iii) "the amount of the interest PAID in respect of capital borrowed" includes interest payable if assessee follows mercantile system & has not paid the interest due before due date of filing return & also does not attract disallowance u/s 43B since the loan is borrowed from a NBFC. In simple words will deduction be available in respect of such interest even if unpaid, and if disallowed then under which section.
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Soumitra Basu

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Soumitra Basu (Expert)
20 March 2015 THIS IS ALLOWABLE UNDER INCOME TAX ACT.
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CA AnKiT BoHrA (AB)

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CA AnKiT BoHrA (AB) (Expert)
21 March 2015 it is allowed dear...!!!!!
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Soumitra Basu

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Soumitra Basu (Expert)
21 March 2015 yes, please see the case law in this respect.
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