https://www.taxtmi.com/caselaws?id=21519 The High Court upheld the Tribunal's decision, allowing the assessee's claim for interest payment as a deduction for the assessment year 1978-79. The Court emphasized that the liability had accrued under the mercantile system of accounting, and the subsequent resolution did not affect the validity of the claim. Relying on precedent, the Court ruled in favor of the assessee, stating that a deduction could be granted for a liability even without a provision in the accounts, ultimately ruling against the Revenue without costs. en-us Tue, 03 Dec 1991 00:00:00 +0530 Wed, 25 Nov 2009 11:25:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21519 The High Court upheld the Tribunal's decision, allowing the assessee's claim for interest payment as a deduction for the assessment year 1978-79. The Court emphasized that the liability had accrued under the mercantile system of accounting, and the subsequent resolution did not affect the validity of the claim. Relying on precedent, the Court ruled in favor of the assessee, stating that a deduction could be granted for a liability even without a provision in the accounts, ultimately ruling against the Revenue without costs. Case-Laws Income Tax Tue, 03 Dec 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21519