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16. [2016] 161 ITD 527 (Pune Trib.) Knox Investments (P.) Ltd. vs. ITO A.Y.: 2007 - 08 Date of order: 26th August, 2016

C. N. Vaze
Shailes h Kamdar
Jagdis h T. Punjabi
Bhadres h Doshi
Section 37(1) – Where assessee, a financial intermediary agent, enters into an assignment agreement whereby liability of assignor is acquired by assessee at its NPV, then difference between NPV of the said liability as at end of relevant financial year and as at end of preceding financial year, till the repayment of the liability commences, is allowed as finance charges.