https://www.taxtmi.com/caselaws?id=183854 The High Court ruled in favor of the assessee, allowing deductions for deferred interest liability for the assessment year 1985-86. The Court held that the change to mercantile accounting did not result in double benefits and emphasized the accrual of liabilities for deductions. Additionally, the Court allowed the deduction of deferred interest liability for food grains purchased in the previous year but sold in the relevant assessment year, setting aside the authorities' orders. The judgment aimed to ensure consistency and fairness in tax assessments by upholding the assessee's claims. en-us Tue, 26 Aug 2014 00:00:00 +0530 Thu, 23 Jun 2016 14:15:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183854 The High Court ruled in favor of the assessee, allowing deductions for deferred interest liability for the assessment year 1985-86. The Court held that the change to mercantile accounting did not result in double benefits and emphasized the accrual of liabilities for deductions. Additionally, the Court allowed the deduction of deferred interest liability for food grains purchased in the previous year but sold in the relevant assessment year, setting aside the authorities' orders. The judgment aimed to ensure consistency and fairness in tax assessments by upholding the assessee's claims. Case-Laws Income Tax Tue, 26 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183854