https://www.taxtmi.com/caselaws?id=250950 The court upheld the disallowance of the deduction for interest on an Excise duty refund for assessment years 1983-84 and 1984-85. It determined that the liability was contingent until the refund was actually received, aligning with the principles of the mercantile system of accounting. The court emphasized the distinction between actual and contingent liabilities for tax deduction purposes, ultimately ruling in favor of the revenue and denying the deduction claimed by the assessee. en-us Wed, 20 Aug 2014 00:00:00 +0530 Sat, 30 Aug 2014 14:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250950 The court upheld the disallowance of the deduction for interest on an Excise duty refund for assessment years 1983-84 and 1984-85. It determined that the liability was contingent until the refund was actually received, aligning with the principles of the mercantile system of accounting. The court emphasized the distinction between actual and contingent liabilities for tax deduction purposes, ultimately ruling in favor of the revenue and denying the deduction claimed by the assessee. Case-Laws Income Tax Wed, 20 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250950