https://www.taxtmi.com/highlights?id=14220 Whether assessee was liable to deduction u/s 36(1)(iii), on account of interest accrued in respect of capital converted into loan - Held No - Payment of a liability is distinct from creation or accrual of the liability and under the mercantile system profits and gains of persons are computed on the basis of principle of accrual during the period for which profits and gains have to be computed - HC en-us Mon, 02 Sep 2013 09:08:07 +0530 Mon, 02 Sep 2013 09:08:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=14220 Whether assessee was liable to deduction u/s 36(1)(iii), on account of interest accrued in respect of capital converted into loan - Held No - Payment of a liability is distinct from creation or accrual of the liability and under the mercantile system profits and gains of persons are computed on the basis of principle of accrual during the period for which profits and gains have to be computed - HC Highlights Income Tax Mon, 02 Sep 2013 09:08:07 +0530 https://www.taxtmi.com/highlights?id=14220