https://www.taxtmi.com/caselaws?id=28806 The High Court upheld the Tribunal's decision, affirming that interest accrued in the relevant previous year, supporting the assessee's deduction claim. The Court emphasized the importance of negotiations and accrual of debt under the mercantile system of accounting. It ruled in favor of the assessee, allowing the interest deduction of Rs. 16,080 for the assessment year 1970-71. The judgment highlighted the significance of transaction nature in determining liability accrual for deductions, with each party bearing their own costs. en-us Tue, 23 Mar 1982 00:00:00 +0530 Thu, 25 Feb 2010 18:20:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28806 The High Court upheld the Tribunal's decision, affirming that interest accrued in the relevant previous year, supporting the assessee's deduction claim. The Court emphasized the importance of negotiations and accrual of debt under the mercantile system of accounting. It ruled in favor of the assessee, allowing the interest deduction of Rs. 16,080 for the assessment year 1970-71. The judgment highlighted the significance of transaction nature in determining liability accrual for deductions, with each party bearing their own costs. Case-Laws Income Tax Tue, 23 Mar 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28806