https://www.taxtmi.com/caselaws?id=71087 The Appellate Tribunal ITAT Patna ruled in favor of the assessee in a case involving the disallowance of expenses for postage, telegram, electricity, and interest on loans. The Tribunal upheld the assessee's arguments, emphasizing that the expenses accrued when the Debit Note was received and that the borrowed funds were invested in the business, justifying the interest payment. Consequently, the Tribunal dismissed the appeal, allowing the contested expenses and interest payments based on the mercantile basis of accounts and lack of evidence to support disallowance. en-us Fri, 15 Feb 1985 00:00:00 +0530 Thu, 21 Apr 2011 12:14:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71087 The Appellate Tribunal ITAT Patna ruled in favor of the assessee in a case involving the disallowance of expenses for postage, telegram, electricity, and interest on loans. The Tribunal upheld the assessee's arguments, emphasizing that the expenses accrued when the Debit Note was received and that the borrowed funds were invested in the business, justifying the interest payment. Consequently, the Tribunal dismissed the appeal, allowing the contested expenses and interest payments based on the mercantile basis of accounts and lack of evidence to support disallowance. Case-Laws Income Tax Fri, 15 Feb 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71087