Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Jun-09-1998
Reported in : (1999)68ITD240(Kol.)
..... (b) and (c) apart from central government providing from the benefits under s. 72a of it act, the central government is also required to provide benefits under ss. 32a, 41 and 43b of the it act, and to grant exemption from the applicability of s. 372 of the companies act, 1956, to permit j.k. industries to issue shares and holdings of shares by j.k ..... ao disallowed the said premium on redemption of debentures as being contingent liability. on appeal, the learned cit(a) confirmed the disallowance.7. the ao disallowed a sum of rs. 1,24,443, our of employees' welfare expenses. the ..... a deduction under s. 37(1) as being in the nature of additional interest. the ao observed that the premium of 5% was payable only on redemption or maturity of debentures after a specified period, that is, sometime in the years 1994, 1995 and 1997 and till that period it is merely a provision or a contingent liability. as such the ..... appeal, the learned cit(a) confirmed the disallowances.6. the ao disallowed the assessee's claim for deduction of rs. 22.85 lacs in respect of premium on redemption of debentures. the assessee had claimed the said amount as deduction under s. 37(1) on account of premium on redemption of non-convertible .....Tag this Judgment!