https://www.taxtmi.com/caselaws?id=12405 The High Court held that the Tribunal's deletion of interest on deferred sale consideration for assessment years 1981-82 and 1982-83 was erroneous. The Court ruled in favor of the Revenue, stating that interest was chargeable on an accrual basis as per the modified agreement, and the Tribunal failed to consider this. The decision emphasized the correct application of tax laws based on contractual obligations and accrual principles, overturning the Tribunal's deletion of interest. en-us Thu, 14 Feb 2002 00:00:00 +0530 Wed, 24 Feb 2010 11:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12405 The High Court held that the Tribunal's deletion of interest on deferred sale consideration for assessment years 1981-82 and 1982-83 was erroneous. The Court ruled in favor of the Revenue, stating that interest was chargeable on an accrual basis as per the modified agreement, and the Tribunal failed to consider this. The decision emphasized the correct application of tax laws based on contractual obligations and accrual principles, overturning the Tribunal's deletion of interest. Case-Laws Income Tax Thu, 14 Feb 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12405