https://www.taxtmi.com/caselaws?id=9700 The High Court of Delhi ruled in a case concerning the interpretation of "ascertained liability" in an income tax assessment. The court held that the interest deduction disallowed by the Assessing Officer was indeed ascertained based on a compromise agreement with a bank, where terms were clearly defined and agreed upon. The court emphasized the importance of certainty in determining liabilities and distinguished between contingent and ascertained liabilities. Ultimately, the court aligned its interpretation with legal principles and the Income-tax Act, dismissing the appeal for lack of substantial legal questions. en-us Thu, 03 Mar 2005 00:00:00 +0530 Wed, 04 May 2016 18:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9700 The High Court of Delhi ruled in a case concerning the interpretation of "ascertained liability" in an income tax assessment. The court held that the interest deduction disallowed by the Assessing Officer was indeed ascertained based on a compromise agreement with a bank, where terms were clearly defined and agreed upon. The court emphasized the importance of certainty in determining liabilities and distinguished between contingent and ascertained liabilities. Ultimately, the court aligned its interpretation with legal principles and the Income-tax Act, dismissing the appeal for lack of substantial legal questions. Case-Laws Income Tax Thu, 03 Mar 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9700