https://www.taxtmi.com/caselaws?id=342004 A stay of a decree suspends enforceability but does not extinguish the underlying obligation, so the liability continues to exist for mercantile accounting purposes. Interest payable under a decree made rule of court therefore accrued when the decree creating the obligation was passed, not only when execution resumed or the appeal ended. On that basis, the interest remained an accrued and deductible liability in the relevant assessment year, and the later appellate stay did not convert it into a contingent or non-existent liability. en-us Wed, 19 Apr 2017 00:00:00 +0530 Wed, 23 Aug 2023 18:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342004 A stay of a decree suspends enforceability but does not extinguish the underlying obligation, so the liability continues to exist for mercantile accounting purposes. Interest payable under a decree made rule of court therefore accrued when the decree creating the obligation was passed, not only when execution resumed or the appeal ended. On that basis, the interest remained an accrued and deductible liability in the relevant assessment year, and the later appellate stay did not convert it into a contingent or non-existent liability. Case-Laws Income Tax Wed, 19 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342004