https://www.taxtmi.com/caselaws?id=248707 The High Court allowed the appeal in part, determining that the expenditure on reconditioning buses was revenue in nature, supporting the assessee. However, the court ruled in favor of the Revenue regarding the interest payment issue, stating that the interest accrued in 1996 could not be deducted for the 1997-98 assessment year under the mercantile accounting system. en-us Mon, 28 Apr 2014 00:00:00 +0530 Sat, 21 Jun 2014 10:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248707 The High Court allowed the appeal in part, determining that the expenditure on reconditioning buses was revenue in nature, supporting the assessee. However, the court ruled in favor of the Revenue regarding the interest payment issue, stating that the interest accrued in 1996 could not be deducted for the 1997-98 assessment year under the mercantile accounting system. Case-Laws Income Tax Mon, 28 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248707