https://www.taxtmi.com/caselaws?id=235606 The Court affirmed that interest expenses on unspent grants were deductible under Section 37(1) of the Income-tax Act, 1961 as they were ascertained liabilities meant for business purposes. The appellant's challenge regarding the interpretation of Section 37(1) was dismissed, with the Court holding that the expenses qualified for deduction based on historical trends and scientific methods. The decision was in line with previous case law, emphasizing the actual incurrence of expenditure in the relevant year. The appeals were dismissed as no substantial question of law arose, upholding the revenue authorities' application of the law. en-us Thu, 27 Jun 2013 00:00:00 +0530 Thu, 06 Aug 2026 12:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235606 The Court affirmed that interest expenses on unspent grants were deductible under Section 37(1) of the Income-tax Act, 1961 as they were ascertained liabilities meant for business purposes. The appellant's challenge regarding the interpretation of Section 37(1) was dismissed, with the Court holding that the expenses qualified for deduction based on historical trends and scientific methods. The decision was in line with previous case law, emphasizing the actual incurrence of expenditure in the relevant year. The appeals were dismissed as no substantial question of law arose, upholding the revenue authorities' application of the law. Case-Laws Income Tax Thu, 27 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235606