https://www.taxtmi.com/caselaws?id=10302 The High Court ruled in favor of the assessee, upholding the Tribunal's decision to delete disputed amounts related to interest accrual on loans advanced to debtors. The decision was based on the debtors' deteriorated financial position, making recovery of even the principal amount unlikely. The Tribunal's findings, supported by evidence of financial distress and small payments towards liabilities, aligned with the principle that interest accrual may not be valid in cases of extreme unlikelihood of recovery. The High Court affirmed the Tribunal's decision as justified and grounded in substantial evidence and material on record. en-us Wed, 10 Nov 2004 00:00:00 +0530 Mon, 13 Jul 2009 11:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10302 The High Court ruled in favor of the assessee, upholding the Tribunal's decision to delete disputed amounts related to interest accrual on loans advanced to debtors. The decision was based on the debtors' deteriorated financial position, making recovery of even the principal amount unlikely. The Tribunal's findings, supported by evidence of financial distress and small payments towards liabilities, aligned with the principle that interest accrual may not be valid in cases of extreme unlikelihood of recovery. The High Court affirmed the Tribunal's decision as justified and grounded in substantial evidence and material on record. Case-Laws Income Tax Wed, 10 Nov 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10302