https://www.taxtmi.com/caselaws?id=330318 The court upheld the Income Tax Appellate Tribunal's decision allowing deduction under Section 43B for interest waived by a financial institution in a one-time settlement. The Tribunal's ruling that the interest disallowed in previous years need not be disallowed again in the current year due to the waiver was affirmed. The appellant's argument against granting deduction for unpaid interest was rejected, and the court found the assessee eligible for the deduction. The Tax Case Appeal was dismissed, affirming the Tribunal's decision without costs. en-us Mon, 06 Jun 2016 00:00:00 +0530 Fri, 22 Jul 2016 14:07:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330318 The court upheld the Income Tax Appellate Tribunal's decision allowing deduction under Section 43B for interest waived by a financial institution in a one-time settlement. The Tribunal's ruling that the interest disallowed in previous years need not be disallowed again in the current year due to the waiver was affirmed. The appellant's argument against granting deduction for unpaid interest was rejected, and the court found the assessee eligible for the deduction. The Tax Case Appeal was dismissed, affirming the Tribunal's decision without costs. Case-Laws Income Tax Mon, 06 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330318