COMMISSIONER OF INCOME-TAX versus HINDUSTAN CONDUCTORS (P.) LTD.
The interest on the borrowed capital, in addition to the original loan, the interest that was accrued over several years, such interest has been reduced to fifteen percent in the corresponding accounting year from the interest rate in the previous year. Holding the money did not result in a disallowance. The balance should be paid to the borrower, which includes the outstanding interest, deduction from the Income Tax Act, 1961, section 36
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