https://www.taxtmi.com/caselaws?id=281750 The Tribunal rejected the appellant's attempt to introduce an additional ground related to tax liability, citing the need for factual investigation. Regarding the disallowed deduction for interest on loans, the Tribunal ruled in favor of the assessee, allowing the deduction based on legal agreements with the bank and emphasizing the importance of maintaining accounts on a mercantile basis. The decision favored the assessee, directing the allowance of the deduction for the interest amount claimed. en-us Thu, 01 Sep 1988 00:00:00 +0530 Fri, 05 Jul 2019 11:05:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281750 The Tribunal rejected the appellant's attempt to introduce an additional ground related to tax liability, citing the need for factual investigation. Regarding the disallowed deduction for interest on loans, the Tribunal ruled in favor of the assessee, allowing the deduction based on legal agreements with the bank and emphasizing the importance of maintaining accounts on a mercantile basis. The decision favored the assessee, directing the allowance of the deduction for the interest amount claimed. Case-Laws Income Tax Thu, 01 Sep 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281750