https://www.taxtmi.com/caselaws?id=64477 The Tribunal upheld the revenue's decision to disallow the deduction of interest claimed by the appellant as a statutory liability, determining it to be contractual rather than statutory. The Tribunal found that the liability only accrued when the dispute was resolved and payment was made in 1989, not in the earlier years as claimed. Additionally, the Tribunal indirectly supported the Commissioner of Income Tax's decision to set aside the assessments made by the Assessing Officer, ensuring the proper application of tax laws to the appellant's financial transactions. en-us Mon, 26 Aug 1991 00:00:00 +0530 Tue, 08 Feb 2011 11:08:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64477 The Tribunal upheld the revenue's decision to disallow the deduction of interest claimed by the appellant as a statutory liability, determining it to be contractual rather than statutory. The Tribunal found that the liability only accrued when the dispute was resolved and payment was made in 1989, not in the earlier years as claimed. Additionally, the Tribunal indirectly supported the Commissioner of Income Tax's decision to set aside the assessments made by the Assessing Officer, ensuring the proper application of tax laws to the appellant's financial transactions. Case-Laws Income Tax Mon, 26 Aug 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64477