https://www.taxtmi.com/caselaws?id=28732 Interest paid to a Sugarcane Society and interest payable on cane commission were deductible under section 37(1), following the Supreme Court ruling in Mahalakshmi Sugar Mills Co. v. CIT, so the claim was allowed against the Revenue. The sum of Rs. 26,862 was also allowable in assessment year 1969-70 because the liability arose afresh in the relevant previous year when the arbitral adjustment was implemented and the society withdrew its claim, making the deduction properly referable to that year. Both referred questions were answered in favour of the assessee. en-us Tue, 02 Feb 1982 00:00:00 +0530 Thu, 25 Feb 2010 12:37:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28732 Interest paid to a Sugarcane Society and interest payable on cane commission were deductible under section 37(1), following the Supreme Court ruling in Mahalakshmi Sugar Mills Co. v. CIT, so the claim was allowed against the Revenue. The sum of Rs. 26,862 was also allowable in assessment year 1969-70 because the liability arose afresh in the relevant previous year when the arbitral adjustment was implemented and the society withdrew its claim, making the deduction properly referable to that year. Both referred questions were answered in favour of the assessee. Case-Laws Income Tax Tue, 02 Feb 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28732