https://www.taxtmi.com/caselaws?id=263011 The Tribunal allowed the appellant's claim for interest payment deduction despite the liability being disputed, citing the mercantile system and precedence from a previous case. The Tribunal emphasized the separation of principal and interest liabilities, permitting the deduction even if not recorded in the accounts. The appellant's argument that disputed principal liability should negate interest liability was rejected. The decision hinged on the existence of the liability, irrespective of accounting entries, leading to the allowance of the interest claim in favor of the revenue. en-us Fri, 17 Jul 2015 00:00:00 +0530 Mon, 29 May 2017 13:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263011 The Tribunal allowed the appellant's claim for interest payment deduction despite the liability being disputed, citing the mercantile system and precedence from a previous case. The Tribunal emphasized the separation of principal and interest liabilities, permitting the deduction even if not recorded in the accounts. The appellant's argument that disputed principal liability should negate interest liability was rejected. The decision hinged on the existence of the liability, irrespective of accounting entries, leading to the allowance of the interest claim in favor of the revenue. Case-Laws Income Tax Fri, 17 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263011