TAPARIA TOOLS LIMITED vs JOINT COMMISSIONER OF INCOME TAX

Authority: Supreme Court Date: 2015-03-23 AY: 1996-97, 1997-98, 1998-99 Section: 36 Acts: Income Tax Act 1961 Result: Assessee Citation: (2015) 276 CTR 0001 (SC) : (2015) 117 DTR 0033 (SC) : (2015) 372 ITR 0605 (SC) : (2015) 231 TAXMAN 0 Justices: A. K. SIKRI & ROHINTON FALI NARIMAN, JJ Appeal No: CIVIL APPEAL NOS. 6366-6368 OF 2003 & 6946-6948 OF 2004
Whether upfront interest payment on debentures is fully deductible in the year of payment under Section 36(1)(iii) of the Income Tax Act, 1961, or must be spread over the debenture's life --- Held: Yes, fully deductible in the year of payment.

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