https://www.taxtmi.com/caselaws?id=272335 The Tribunal's decision to delete the addition made by the CIT under section 263 of the IT Act, 1961 for A.Y. 2002-03 was upheld. The Tribunal found that the liability to pay interest had crystallized during the assessment year 2002-03, as determined by the Supreme Court's judgment in 2001. The Tribunal reversed the Commissioner's decision, holding that the liability for interest was not contingent on ONGC's revised terms in 2002. The High Court dismissed the revenue's appeal, affirming the Tribunal's decision in favor of the assessee. en-us Tue, 01 Mar 2016 00:00:00 +0530 Sat, 05 Mar 2016 14:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272335 The Tribunal's decision to delete the addition made by the CIT under section 263 of the IT Act, 1961 for A.Y. 2002-03 was upheld. The Tribunal found that the liability to pay interest had crystallized during the assessment year 2002-03, as determined by the Supreme Court's judgment in 2001. The Tribunal reversed the Commissioner's decision, holding that the liability for interest was not contingent on ONGC's revised terms in 2002. The High Court dismissed the revenue's appeal, affirming the Tribunal's decision in favor of the assessee. Case-Laws Income Tax Tue, 01 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272335