Monday, 17 September 2012

In a One Time Settlement of principal & interest, it cannot be assumed that assessee has paid the interest due

In a One Time Settlement (OTS) with the lenders, if a split between the principal and interest is not given, it cannot be assumed that the assessee has paid the interest on a pro-rate basis so as to entitle it to deduction


Akay Organics Ltd vs. ITO (Bombay High Court)
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