https://www.taxtmi.com/caselaws?id=20205 The court ruled in favor of the Revenue on the first three issues, stating that the interest amount is a revenue receipt, the assessee followed the cash system of accounting post-business termination, and deductions for interest paid to the Federal Bank are allowable only for the relevant assessment year. However, the court ruled in favor of the assessee on the fourth issue, allowing the deduction for interest paid to the Federal Bank during the relevant assessment year. en-us Mon, 07 Mar 1994 00:00:00 +0530 Thu, 12 Nov 2009 13:54:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20205 The court ruled in favor of the Revenue on the first three issues, stating that the interest amount is a revenue receipt, the assessee followed the cash system of accounting post-business termination, and deductions for interest paid to the Federal Bank are allowable only for the relevant assessment year. However, the court ruled in favor of the assessee on the fourth issue, allowing the deduction for interest paid to the Federal Bank during the relevant assessment year. Case-Laws Income Tax Mon, 07 Mar 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20205