https://www.taxtmi.com/caselaws?id=327227 Whether an interest provision could be disallowed as an unascertained liability was determined by applying SC precedent holding that the Act permits deduction in the manner claimed and there is no estoppel against the statute. Since the expenditure was actually paid, the assessee was legally entitled to claim deduction of the entire amount in the year of payment, and it could not be disallowed merely because it was styled as a provision. The disallowance was set aside and relief was granted to the assessee. en-us Mon, 14 Mar 2016 00:00:00 +0530 Wed, 31 Dec 2025 10:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327227 Whether an interest provision could be disallowed as an unascertained liability was determined by applying SC precedent holding that the Act permits deduction in the manner claimed and there is no estoppel against the statute. Since the expenditure was actually paid, the assessee was legally entitled to claim deduction of the entire amount in the year of payment, and it could not be disallowed merely because it was styled as a provision. The disallowance was set aside and relief was granted to the assessee. Case-Laws Income Tax Mon, 14 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327227