i wanted to know if debentures if are issued to a public financial institution (eg. LIC), can the debenture so issued be considered as a loan u/s. 43B and the interest paid thereon be taken as a deduction under the same section (43B) ???
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Can debenture be taken as loan u/s. 43b
Replies (4)
is there any judicial decision either in favour or against taking debentures issued to PFI as loan u/s.43B
Yes.
As per provision of 43B, any sum payable as interest on any loan or borrowing from a public financial institution.
exactly but then can debentures issued be considered as loans?? is there any particular case where it has been taken and allowed in high court, supreme court, ITAT... anywhere?
I wanted any particular judicial decision where either the debentures issued to PFI is allowed as a loan u/s.43B (clause d) or a case where debentures has been disallowed as loan by any court or ITAT....... can anybody help me with that??
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