https://www.taxtmi.com/caselaws?id=294212 Interest payable on excess realisation of levy sugar price was treated as a statutory liability under the Levy Sugar Equalisation Fund Act, 1976, and therefore accrued during the relevant accounting year. For assessment year 1978-79, the claimed deduction represented interest that had arisen within that year, and the earlier decision on the same point was followed. The liability was held allowable in the year of accrual, so the deduction was permitted in favour of the assessee and against the Revenue. en-us Thu, 06 Jan 2005 00:00:00 +0530 Fri, 26 Mar 2021 18:44:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294212 Interest payable on excess realisation of levy sugar price was treated as a statutory liability under the Levy Sugar Equalisation Fund Act, 1976, and therefore accrued during the relevant accounting year. For assessment year 1978-79, the claimed deduction represented interest that had arisen within that year, and the earlier decision on the same point was followed. The liability was held allowable in the year of accrual, so the deduction was permitted in favour of the assessee and against the Revenue. Case-Laws Income Tax Thu, 06 Jan 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294212