https://www.taxtmi.com/caselaws?id=15367 The court ruled in favor of the Revenue on both issues. It held that accrued interest and penal interest are taxable, regardless of the accounting method used, citing previous decisions. The court rejected the distinction between accrued interest and penal interest, stating that both should be treated similarly. Regarding the estimated interest on land cost, the court emphasized that an estimation cannot be considered an expenditure if the liability had not accrued and the amount remained unpaid. The court's decision was based on the specific facts of the case, independent of assessments for other years, awarding costs to the Revenue. en-us Tue, 17 Feb 1998 00:00:00 +0530 Thu, 06 Aug 2009 11:18:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15367 The court ruled in favor of the Revenue on both issues. It held that accrued interest and penal interest are taxable, regardless of the accounting method used, citing previous decisions. The court rejected the distinction between accrued interest and penal interest, stating that both should be treated similarly. Regarding the estimated interest on land cost, the court emphasized that an estimation cannot be considered an expenditure if the liability had not accrued and the amount remained unpaid. The court's decision was based on the specific facts of the case, independent of assessments for other years, awarding costs to the Revenue. Case-Laws Income Tax Tue, 17 Feb 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15367