Broken period interest deduction upheld after prior High Court precedent left no substantial question of law.

Broken period interest was held allowable as a deduction, with the Bombay HC treating the point as already concluded against the Revenue by an earlier decision of the same Court. On that basis, the Court held that the proposed question did not raise any substantial question of law and decided the issue in favour of the assessee and against the Revenue.

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Issues: Whether broken period interest was allowable as a deduction.

Analysis: The issue was treated as concluded against the Revenue by an earlier decision of the same Court and, following that view, the proposed question was held not to give rise to any substantial question of law.

Conclusion: The issue was decided in favour of the assessee and against the Revenue.

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