19 March 2015
Do the words u/s 36(1)(iii) "the amount of the interest PAID in respect of capital borrowed" includes interest payable if assessee follows mercantile system & has not paid the interest due before due date of filing return & also does not attract disallowance u/s 43B since the loan is borrowed from a NBFC. In simple words will deduction be available in respect of such interest even if unpaid, and if disallowed then under which section.
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