https://www.taxtmi.com/caselaws?id=300848 The Tribunal upheld the deletion of the disallowance of interest payable claimed by the assessee. It found that the interest had accrued and the liability had crystallized based on the loan agreement terms and provisions of Section 43B(d) of the Income Tax Act. The Tribunal emphasized that the interest had accrued and rejected the Revenue's argument that it had not crystallized in the relevant year. As there were no distinguishable features in a previous order, the Tribunal dismissed the Revenue's appeal and the assessee's cross-objection as infructuous. en-us Wed, 08 Apr 2015 00:00:00 +0530 Mon, 28 Feb 2022 20:23:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300848 The Tribunal upheld the deletion of the disallowance of interest payable claimed by the assessee. It found that the interest had accrued and the liability had crystallized based on the loan agreement terms and provisions of Section 43B(d) of the Income Tax Act. The Tribunal emphasized that the interest had accrued and rejected the Revenue's argument that it had not crystallized in the relevant year. As there were no distinguishable features in a previous order, the Tribunal dismissed the Revenue's appeal and the assessee's cross-objection as infructuous. Case-Laws Income Tax Wed, 08 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300848