https://www.taxtmi.com/caselaws?id=418324 The Tribunal overturned the decision of the Commissioner of Income Tax (Appeals) and ruled in favor of the appellant, an individual and trader, regarding the disallowance of interest expense amounting to Rs. 5,82,80,708 as a prior period expenditure. The Tribunal held that the interest liability crystallized during the assessment year under consideration when the loan account was settled, justifying the appellant's non-claim of interest expenses in earlier years. As a result, the disallowance of the interest expense was deemed unjustified, and the addition made by the Assessing Officer was deleted, allowing the appeal of the assessee. en-us Wed, 09 Feb 2022 00:00:00 +0530 Mon, 14 Feb 2022 11:47:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418324 The Tribunal overturned the decision of the Commissioner of Income Tax (Appeals) and ruled in favor of the appellant, an individual and trader, regarding the disallowance of interest expense amounting to Rs. 5,82,80,708 as a prior period expenditure. The Tribunal held that the interest liability crystallized during the assessment year under consideration when the loan account was settled, justifying the appellant's non-claim of interest expenses in earlier years. As a result, the disallowance of the interest expense was deemed unjustified, and the addition made by the Assessing Officer was deleted, allowing the appeal of the assessee. Case-Laws Income Tax Wed, 09 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418324