As per explanation 3D inserted in Section 43B interest converted into loan shall not be deemed to have been actually paid

Last updated: 18 June 2013

Court :
INCOME TAX APPELLATE TRIBUNAL

Brief :
We have heard the arguments of both the sides and perused the material placed before us. The penalty has been levied in respect of the two disallowances made by the Assessing Officer under Section 43B:- (i) Disallowance of interest amounting to `78,09,567/-; and (ii) Disallowance of employer’s contribution to ESI amounting to `4,80,177

Citation :
Assistant Commissioner of Income Tax, Circle-15(1), C.R.Building, I.P. Estate, New Delhi.(Appellant) Vs. M/s R.T. Packaging Limited, 407/408, Deepali, 92, Nehru Place, New Delhi. PAN: AAACR0345J. (Respondent)

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