https://www.taxtmi.com/caselaws?id=202645 HC held that interest payable on bank loans constituted an accrued and ascertained liability for the relevant year and was allowable as deduction, notwithstanding that the bank had not recorded such interest in its books, since the bank had claimed interest (pre-suit, pendente lite and future) in its suit and the assessee had actually paid it. The HC noted there was no double claim of deduction. The AO was directed to verify this fact in final assessment for AY 1992-93. On disallowance of business expenses, HC held that ITAT should have followed a consistent approach and allowed similar claims, allowing the appeal. en-us Tue, 04 Jan 2011 00:00:00 +0530 Tue, 09 Jun 2026 11:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202645 HC held that interest payable on bank loans constituted an accrued and ascertained liability for the relevant year and was allowable as deduction, notwithstanding that the bank had not recorded such interest in its books, since the bank had claimed interest (pre-suit, pendente lite and future) in its suit and the assessee had actually paid it. The HC noted there was no double claim of deduction. The AO was directed to verify this fact in final assessment for AY 1992-93. On disallowance of business expenses, HC held that ITAT should have followed a consistent approach and allowed similar claims, allowing the appeal. Case-Laws Income Tax Tue, 04 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202645