https://www.taxtmi.com/caselaws?id=16944 The court upheld the deduction under section 36(1)(viii) of the Income-tax Act before other deductions, allowing it at the prescribed percentage of total income. It ruled that the discount on bonds and debentures could be claimed as expenditure, following the Madhya Pradesh High Court's reasoning. Regarding interest claimed on an accrued basis, the court supported the Tribunal's direction to determine interest year-to-year, based on a Supreme Court judgment. The matter was remanded for fresh assessment. The court's decision aligned with legal principles and precedents cited during the judgment. en-us Tue, 27 May 1997 00:00:00 +0530 Fri, 24 Feb 2012 18:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16944 The court upheld the deduction under section 36(1)(viii) of the Income-tax Act before other deductions, allowing it at the prescribed percentage of total income. It ruled that the discount on bonds and debentures could be claimed as expenditure, following the Madhya Pradesh High Court's reasoning. Regarding interest claimed on an accrued basis, the court supported the Tribunal's direction to determine interest year-to-year, based on a Supreme Court judgment. The matter was remanded for fresh assessment. The court's decision aligned with legal principles and precedents cited during the judgment. Case-Laws Income Tax Tue, 27 May 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16944