https://www.taxtmi.com/caselaws?id=266320 The Tribunal allowed the appeal, directing the Assessing Officer to delete the disallowed interest expenditure of Rs. 38,98,474. The Tribunal held that the liability for the interest expenditure crystallized in the current assessment year, supported by debit notes issued within the relevant period, despite the interest being charged for purchases from the previous year. Relying on precedent and consistent accounting practices, the Tribunal concluded that the expenditure should be deductible in the year it crystallized, overturning the lower authorities' decision to disallow the expenditure as a prior period expense. en-us Fri, 29 May 2015 00:00:00 +0530 Mon, 19 Oct 2015 20:34:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266320 The Tribunal allowed the appeal, directing the Assessing Officer to delete the disallowed interest expenditure of Rs. 38,98,474. The Tribunal held that the liability for the interest expenditure crystallized in the current assessment year, supported by debit notes issued within the relevant period, despite the interest being charged for purchases from the previous year. Relying on precedent and consistent accounting practices, the Tribunal concluded that the expenditure should be deductible in the year it crystallized, overturning the lower authorities' decision to disallow the expenditure as a prior period expense. Case-Laws Income Tax Fri, 29 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266320