https://www.taxtmi.com/caselaws?id=216543 The appellant's claim for deduction of interest on a government loan was disallowed due to lack of actual payments, resulting in the disallowance being confirmed. However, the addition of prior period income was deleted as there was no evidence of accrued income during the year under consideration. The addition of interest on a government loan outstanding was upheld, as conversion to share capital negated further interest charges. The addition of interest on a government loan with an unspecified interest rate was confirmed, with the Tribunal directing verification to avoid potential double additions. The appeal was partly allowed with varying outcomes for each issue raised. en-us Fri, 22 Jun 2012 00:00:00 +0530 Thu, 13 Sep 2012 15:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216543 The appellant's claim for deduction of interest on a government loan was disallowed due to lack of actual payments, resulting in the disallowance being confirmed. However, the addition of prior period income was deleted as there was no evidence of accrued income during the year under consideration. The addition of interest on a government loan outstanding was upheld, as conversion to share capital negated further interest charges. The addition of interest on a government loan with an unspecified interest rate was confirmed, with the Tribunal directing verification to avoid potential double additions. The appeal was partly allowed with varying outcomes for each issue raised. Case-Laws Income Tax Fri, 22 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216543