https://www.taxtmi.com/caselaws?id=66853 The Tribunal allowed the appeals, ruling in favor of the assessee, and directed the allowance of the interest deduction for the assessment years 1981-82 and 1982-83. The disallowance of the interest deduction under section 40(a)(i) of the Income-tax Act was deemed unjustified as the interest was paid in India and not payable outside India, making the provision inapplicable. The Tribunal clarified that tax deduction under section 195(1) is required only at the time of actual payment of interest, not when credited to an account, and determined that the interest claimed by the assessee should be allowed as a deduction. en-us Thu, 14 Jan 1988 00:00:00 +0530 Mon, 07 Mar 2011 17:18:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66853 The Tribunal allowed the appeals, ruling in favor of the assessee, and directed the allowance of the interest deduction for the assessment years 1981-82 and 1982-83. The disallowance of the interest deduction under section 40(a)(i) of the Income-tax Act was deemed unjustified as the interest was paid in India and not payable outside India, making the provision inapplicable. The Tribunal clarified that tax deduction under section 195(1) is required only at the time of actual payment of interest, not when credited to an account, and determined that the interest claimed by the assessee should be allowed as a deduction. Case-Laws Income Tax Thu, 14 Jan 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66853