https://www.taxtmi.com/caselaws?id=21022 The High Court ruled against the assessee, stating that the interest forgone could not be considered as business expenditure and that the interest on the outstanding amount was part of the real income. The Court emphasized that interest accrues day to day and cannot be waived post-accrual, referencing the doctrine of real income. The decision favored the Revenue, with no order as to costs. en-us Thu, 23 Jul 1992 00:00:00 +0530 Wed, 18 Nov 2009 16:48:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21022 The High Court ruled against the assessee, stating that the interest forgone could not be considered as business expenditure and that the interest on the outstanding amount was part of the real income. The Court emphasized that interest accrues day to day and cannot be waived post-accrual, referencing the doctrine of real income. The decision favored the Revenue, with no order as to costs. Case-Laws Income Tax Thu, 23 Jul 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21022