https://www.taxtmi.com/caselaws?id=29021 Deduction of interest for earlier years was upheld on a factual finding that the assessee could not have discovered the default earlier, because the compromise decree allowed satisfaction either by cash instalments or by adjustment against future motor vehicle supplies. The Tribunal accepted that the assessee became aware of the default only when execution proceedings began, and that the interest provision in the relevant year was therefore justified. As the decision turned on appreciation of evidence and accrual of liability, no debatable question of law arose for reference under section 256(2) of the Income-tax Act, 1961. The Revenue's request for reference was rightly rejected. en-us Fri, 17 Apr 1981 00:00:00 +0530 Wed, 10 Mar 2010 12:25:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29021 Deduction of interest for earlier years was upheld on a factual finding that the assessee could not have discovered the default earlier, because the compromise decree allowed satisfaction either by cash instalments or by adjustment against future motor vehicle supplies. The Tribunal accepted that the assessee became aware of the default only when execution proceedings began, and that the interest provision in the relevant year was therefore justified. As the decision turned on appreciation of evidence and accrual of liability, no debatable question of law arose for reference under section 256(2) of the Income-tax Act, 1961. The Revenue's request for reference was rightly rejected. Case-Laws Income Tax Fri, 17 Apr 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29021