https://www.taxtmi.com/caselaws?id=64177 The Tribunal reversed the AAC's decision and upheld the ITO's ruling that interest exceeding 12 months should not be allowed as a deduction under Section 37 of the IT Act, 1961. The Tribunal emphasized that the liability to pay interest should have been recognized in the year it accrued, as per the agreement terms. The appeal was decided in favor of the Revenue, rejecting the assessee's arguments based on case precedents and the plea for a hybrid accounting system for interest payments. en-us Fri, 03 Jan 1986 00:00:00 +0530 Sat, 05 Feb 2011 12:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64177 The Tribunal reversed the AAC's decision and upheld the ITO's ruling that interest exceeding 12 months should not be allowed as a deduction under Section 37 of the IT Act, 1961. The Tribunal emphasized that the liability to pay interest should have been recognized in the year it accrued, as per the agreement terms. The appeal was decided in favor of the Revenue, rejecting the assessee's arguments based on case precedents and the plea for a hybrid accounting system for interest payments. Case-Laws Income Tax Fri, 03 Jan 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64177