https://www.taxtmi.com/caselaws?id=294212 The Income Tax Appellate Tribunal, Allahabad, allowed the deduction of Rs. 2,14,694 for interest on excess realisation of levy sugar price for the season 1973-74. The Tribunal's decision, supported by statutory provisions and precedent, favored the assessee, holding that the interest liability accrued is allowable in the year it accrues. The Court affirmed the Tribunal's decision, ruling in favor of the assessee and against the revenue, with no order as to costs, resolving the issue without additional financial implications for either party. 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 The Income Tax Appellate Tribunal, Allahabad, allowed the deduction of Rs. 2,14,694 for interest on excess realisation of levy sugar price for the season 1973-74. The Tribunal's decision, supported by statutory provisions and precedent, favored the assessee, holding that the interest liability accrued is allowable in the year it accrues. The Court affirmed the Tribunal's decision, ruling in favor of the assessee and against the revenue, with no order as to costs, resolving the issue without additional financial implications for either party. Case-Laws Income Tax Thu, 06 Jan 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294212