https://www.taxtmi.com/caselaws?id=220831 The Court upheld the disallowance of the deduction beyond Rs.80000 for the assessment year 1979-80, ruling in favor of the Revenue. It determined that the interest liability on the loan was ascertained and enforceable from the beginning, despite the applicant's objections. The Court emphasized that the consistent stance of the State Government regarding the interest rate solidified the liability's ascertainability, leading to the rejection of the applicant's claim for interest deduction from previous assessment years. en-us Thu, 10 Jan 2013 00:00:00 +0530 Mon, 11 Feb 2013 07:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220831 The Court upheld the disallowance of the deduction beyond Rs.80000 for the assessment year 1979-80, ruling in favor of the Revenue. It determined that the interest liability on the loan was ascertained and enforceable from the beginning, despite the applicant's objections. The Court emphasized that the consistent stance of the State Government regarding the interest rate solidified the liability's ascertainability, leading to the rejection of the applicant's claim for interest deduction from previous assessment years. Case-Laws Income Tax Thu, 10 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220831