Interest Forgone not taxable
Last updated: 23 October 2008
Court :
Supreme Court of India
Brief :
Where the assessee entered into an agreement for transfer of its industrial undertaking under which the buyer agreed to pay it interest on the unpaid consideration w.e.f 1.3.1977 and subsequently on 30.6.1978 the parties agreed to defer the date of commencement of interest...the interest had already accrued and could not be wiped out by the subsequent agreement.
Citation :
Yet to be reported
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Taxguy
Published in Income Tax
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