07 December 2009
The Assessee not claimed deductions under section 41(1) of Income Tax Act, 1961 on account of bank interest waived by the bank during the relevant years which was treated as business income and the company has not claimed amount of interest as expence in the respective years. Now the Company wants to claim the benefits, please clarify whether the claim is justified or not?
08 December 2009
Thanks for the reply. Pl also clarify on my earlier query that since the appeal is pending before the CIT can additional gournds be filed u/s 41 (!) of the Income Tax Act.
10 December 2009
Explaination of section 43B also provide that waiver of interest or reformation of interest in to loan not amout of payment of interest income,
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