https://www.taxtmi.com/caselaws?id=14453 The High Court ruled in favor of the Department on the interpretation of section 43B of the Income-tax Act, 1961, distinguishing between accrual of liability and payability. It held that the Assessing Officer was justified in disallowing deductions for interest not paid during the previous year based on the audit report. The Court also upheld the AO's decision not to rectify the assessment under section 154. The interpretation of the tax audit report was deemed sufficient to support the disallowance of the deduction. en-us Thu, 17 Aug 2000 00:00:00 +0530 Thu, 16 Jul 2009 10:42:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14453 The High Court ruled in favor of the Department on the interpretation of section 43B of the Income-tax Act, 1961, distinguishing between accrual of liability and payability. It held that the Assessing Officer was justified in disallowing deductions for interest not paid during the previous year based on the audit report. The Court also upheld the AO's decision not to rectify the assessment under section 154. The interpretation of the tax audit report was deemed sufficient to support the disallowance of the deduction. Case-Laws Income Tax Thu, 17 Aug 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14453