https://www.taxtmi.com/caselaws?id=67584 The Tribunal rejected the disallowance of interest payment claimed under 'Finance Commission' and hire purchase commission liability claimed as accrued during the year. It held that the liabilities legally accrued were chargeable as expenditures, irrespective of when they were paid, and upheld the deletion of disallowances. The Tribunal concluded that the entire finance commission should be allowed as a deduction, relying on the consistent accounting method followed by the assessee and previous assessments. The matter was referred back for disposal of the reference application according to the majority view. en-us Thu, 15 Oct 1987 00:00:00 +0530 Fri, 11 Mar 2011 14:20:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67584 The Tribunal rejected the disallowance of interest payment claimed under 'Finance Commission' and hire purchase commission liability claimed as accrued during the year. It held that the liabilities legally accrued were chargeable as expenditures, irrespective of when they were paid, and upheld the deletion of disallowances. The Tribunal concluded that the entire finance commission should be allowed as a deduction, relying on the consistent accounting method followed by the assessee and previous assessments. The matter was referred back for disposal of the reference application according to the majority view. Case-Laws Income Tax Thu, 15 Oct 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67584